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Bengaluru: Godrej Properties Ltd on Friday said it has bought a 16-acre land parcel in suburban Bengaluru’s Sarjapur Road area to develop a mid-income residential project. The developer didn’t disclose the value of the land purchase.

The project is estimated to have about 1.5 million sq ft of potential saleable area comprising primarily of residential apartments of various sizes.

“Infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group. Sarjapur is an important micro market for us and we are happy to add this land parcel to our portfolio. This will further expand our presence in Bengaluru and complements our strategy of deepening our presence in key micro markets across India's leading cities," said Mohit Malhotra, managing director and CEO, Godrej Properties.

In December 2020, Godrej Properties had entered into an agreement to buy an 18-acre land parcel in Bengaluru's Whitefield locality on an outright basis for an undisclosed amount.

It had also bought a 15-acre land parcel in the Sarjapur area in mid-2020 for a housing project.

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