Godrej Properties signs JV with Royale Builders for housing project in Bengaluru
Godrej Properties enters into a joint venture with Royale Builders and Developers to build a 1.34 million sq ft residential project over a 13 acre land parcel on Bellary Road in North Bengaluru
Mumbai: Real estate firm Godrej Properties Ltd on Friday announced that it has entered into a joint venture with Bengaluru based-land aggregator Royale Builders and Developers to build a 1.34 million sq ft residential project over a 13 acre land parcel on Bellary Road in North Bengaluru.
This will be GPL’s fifteenth project in Bengaluru, the company said in a filing to the BSE.
“Bengaluru is a key market for us and this project addition fits well with our strategy of expanding our presence across the country’s largest real estate markets,” said Pirojsha Godrej, executive chairman, Godrej Properties.
Property consultant JLL India is the transaction adviser to the deal.
According to Ramesh Nair, chief executive officer (CEO) and country head, JLL India, North Bengaluru is one of the fastest growing corridors in the city.
“Excellent connectivity to the airport and ready-to-move-in office spaces are the key drivers of demand in this market, which will see the development of about 10 -15 million sq.ft. of office space over the next 5-7 years. This will bring with it an escalating demand for homes in this market,” Nair said.
Godrej Properties has been on an expansion spree for the last few months. The prolonged slowdown in the real estate sector has thrown up several opportunities for established companies such as Godrej Properties to partner with lesser known local builders.
On Thursday, the company announced that it has entered into a development management agreement with Manyata Developers Pvt. Ltd to develop a 4.7 million sq. ft housing project at Sarjapur in east Bengaluru.
On 14 September, it entered into a joint venture with Mumbai-based realty firm Nirmal Ventures to develop a 2.1 million sq. ft residential project on 14 acres in Thane near Mumbai.
Between April and July, Godrej Properties finalized land parcels—three in the National Capital Region (NCR) and one in Bengaluru. These were a mix of outright buys and joint development deals. Before the Nirmal deal, Godrej bought a 14.8-acre land on Dwarka Expressway from BPTP under the Godrej Residential Investment Program II (GRIP-II), a $275 million fund.
At 11.39 am, shares of GPL were trading at Rs618.50, up 1.26% while Sensex was up 0.46% at 31,425.83 points from the previous close.