Real estate company Godrej Properties Ltd announced on Friday that it had purchased a 16-acre plot of land in Bengaluru to develop primarily residential properties, as part of its strategy to expand business into major cities. The company did not disclose the value of the transaction or the name of the seller.
In a regulatory filing, Godrej Properties, which is one of the country’s leading real estate developers, informed that it has purchased approximately 16 acres of land in a strategically located and fastest developing micro-market in Sarjapur for develop a middle-income project.
The project is estimated to have developable potential of approximately 1.5 million square feet of salable area, consisting primarily of residential apartments of various configurations.
Sarjapur is one of the most popular residential areas in Bangalore and also has excellent connectivity with Bellandur’s IT / ITES belt on the outer ring road and several key city centers.
Mohit Malhotra, Managing Director and CEO of Godrej Properties, said: âInfrastructure development in Bangalore has increased the demand for housing, especially from middle and upper middle income groups. Sarjapur is an important micro-market for the company, he added.
âThis will further expand our presence in Bangalore and complement our strategy of deepening our presence in key micro-markets in major Indian cities,â said Malhotra.
Godrej Properties’ sales bookings increased 18% to Rs 3,072 crore in the period April-September 2021, due to higher demand for its residential properties in Delhi-NCR.
Sales bookings stood at Rs 2,605 crore in the corresponding period last fiscal year. Based in Mumbai, Godrej Properties is part of the business conglomerate Godrej Group. It has a strong presence in the Delhi-NCR, Mumbai Metropolitan Area, Bengaluru and Pune markets.