Godrej Properties, Mumbai-based real estate developers, has entered into a deal to purchase an 18-acre land parcel in Whitefield, Bengaluru.

Real estate consultancy Aanarock facilitated the transaction. The potential saleable area is about 0.22 million square meters (2.4 million sq ft) consisting primarily of residential space.

While the value of the deal was not divulged, property brokers in East Bengaluru estimate it between ₹130-150 crore.

Also read: Godrej Group forays into housing finance business

Well developed hub

Whitefield is the largest commercial and residential real estate market in Bengaluru and the land parcel is situated close to the proposed metro line connecting Whitefield to Hopefarm Junction.

“The site is well located and offers a well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity,” the company said in a release.

‘Key market’

Pirojsha Godrej, Executive Chairman, Godrej Properties said, “The city is a key market for us and this project fits well with our strategy of deepening our presence across the country’s leading real estate markets.”

Ritesh Srivastava, Senior VP - Land Services, Anarock Property Consultants said, the timing of acquisition for residential development is ideal considering the massive demand for quality housing in Bengaluru post the lockdown. Of the total 15,020 homes launched in Bengaluru in 2020 till September, branded developers like Godrej Properties accounted for a massive 63 percent share.

This clearly indicates that homebuyers are focused on quality and execution certainty. The current interest rate cycle is also turning favourable for the housing sector, wherein more and more organised realty players are expected to acquire land in prime residential corridors in the coming months.”

 

Also read: Godrej Properties buys 15 acres in Bengaluru’s Sarjapur for residential project

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