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Godrej Properties has purchased a 4-acre land parcel in Bengaluru on an outright basis. The company is planning to develop a premium residential project at the site with a revenue potential of ₹1,000 crore from 7 lakh square feet area.
The acquisition of an additional 1 acre land will increase the estimated revenue from the project to ₹1250 crore, it said in an exchange filing.
The land is located in Yeshwanthpur near National Highway 75, one of the prime locations in Bengaluru. The area offers well-developed commercial and social infrastructure and is in proximity to Goraguntepalya and Peenya metro stations providing access to the Central Business District and other parts of Bengaluru.
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“Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio,” Gaurav Pandey, MD & CEO, said.
“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,” he added.
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