Bengaluru: Godrej Properties Ltd and Dutch pension services provider APG, through their joint investment and development venture, have bought 18 acres of land from realty firm Puravankara Projects Ltd off Kanakpura Road in Bengaluru.

In a statement to BSE, Puravankara said selling the land is a a strategic transaction that “coincides with the business and capital strategy of our group".

Godrej-APG plan to develop mid-income housing units on this land, the company said on Wednesday. The Mumbai-based realty firm and a consortium of global investors led by APG entered into the partnership in 2012 to invest in residential projects.

With this investment, the entire 770 crore from the Godrej-APG platform has been fully utilized, said Pirojsha Godrej, managing director and chief executive, Godrej Properties. “As planned, deployment has happened in the three leading real estate markets, with one deal in Bengaluru, one in Mumbai and two in NCR (national capital region). The investment timeframe took a few months longer than initially planned but we think it’s much more important to select the right investments and that has been our focus."

This is the third project that Godrej Properties has signed up for in Bengaluru this year. “Bengaluru is one of the leading markets in the country and is an important growth region for Godrej Properties. We look forward to building an outstanding new project at this location," said Pirojsha Godrej.

Godrej Properties has 15 project launches planned this year, half of which are new and the rest new phases in existing projects.