Real estate company, Godrej Properties has acquired a seven-acre land parcel in Bengaluru’s Indiranagar extension.
The project is estimated to have a developable potential of approximately 0.6 million square feet of saleable area. According to the company, it plans to build a premium residential project comprising apartments of different configurations.
Mohit Malhotra, MD and CEO, Godrej Properties, said, “Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for high-end residential development.”
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It is located in the vicinity of Indiranagar and is in close proximity to major office spaces in CBD-Bengaluru, commercial catchments of Old Airport Road, Outer Ring Road - Whitefield, and Sarjapur belt. Other residential hubs near the newly acquired land includes Marathahalli and Domlur, said the release.
“Indiranagar is an important micro market for us. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities,” Malhotra added.
The company says that based on the current business assumptions, the project will have an estimated booking value potential of approximately ₹750 crore.
Godrej Properties Limited’s scrip is being traded at ₹1,167, up by 0.93 per cent on the Bombay Stock Exchange. Godrej Properties is a subsidiary of Godrej Industries Ltd. The company is currently developing projects that are estimated to cover more than 89.7 million square feet.
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