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Godrej Properties to develop a 33-acre residential project in South Bengaluru

The land is located in the residential micro-market of Bannerghatta Road in South Bengaluru, Godrej Properties said in a regulatory filing.Premium
The land is located in the residential micro-market of Bannerghatta Road in South Bengaluru, Godrej Properties said in a regulatory filing.

  • Godrej Properties aims 2,000 crore revenue from 33-acre housing project in Bengaluru
  • Godrej Properties in a regulatory filing notified that the land is located in the residential micro-market of Bannerghatta Road in South Bengaluru

Godrej Properties Ltd on Monday announced that it has entered into an agreement to develop a 33-acre land parcel in Bengaluru and expects around 2,000 crore revenue from this upcoming residential project.

Godrej Properties in a regulatory filing notified that the land is located in the residential micro-market of Bannerghatta Road in South Bengaluru. “Bannerghatta Road is one of the established residential locations in South Bengaluru and has excellent connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City. In addition, the site is in close proximity to several other key hubs of the city and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity," it said.

"The new project near Bannerghatta Road will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately 2,000 crore," it added. The agreement is for an outright purchase, with around 5% area share to the landowners.

Mohit Malhotra, MD and CEO, Godrej Properties, said, “Bannerghatta Road is an important micro-market within Bengaluru and we are happy to add this land parcel to our portfolio."

This will further expand the company's presence in South Bengaluru and fits with the strategy of deepening its presence in key micro markets across India's leading cities, he added.

Godrej Properties highlighted that Bannerghatta Road is one of the established residential locations in South Bengaluru and has excellent connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City.

Meanwhile earlier this month, Godrej Properties bought about 50 acre of land parcel at Sonipat in Haryana for plotted development, accroding to news agency PTI report. Additionally, Godrej Executive Chairman Pirojsha Godrej told PTI about the company's plans to invest around 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects.

He was upbeat on the growth potential in the housing and commercial real estate segments, especially in four major markets: Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune -- where the company has a huge presence.

"We will invest USD 1 billion (around 7,500 crore) over the next 12-18 months on the development of new projects," Pirojsha had said.

(With inputs from agencies)

 

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