Godrej Properties buys 7-acre land in Bengaluru to build homes; eyes Rs 750 cr revenue

PTI, Sep 28, 2022, 12:47 PM IST

Bengaluru/New Delhi: Godrej Properties on Wednesday said it has acquired a 7-acre land parcel in Bengaluru for the development of a premium housing project that has an estimated Rs 750 crore revenue potential.

The company did not disclose the price at which the land has been acquired. The name of the seller was also not mentioned. In a regulatory filing, Godrej Properties said it has acquired a land parcel that is strategically located in the immediate vicinity of Indiranagar, Bengaluru.

”Spread across approximately 7 acres, the project is estimated to have a developable potential of approximately 0.6 million square feet of saleable area and will be developed as a premium residential project comprising apartments of various configurations,” the company said.

Mohit Malhotra, MD & CEO, Godrej Properties, said, the availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market.

There is a strong demand for high-end residential development, he said.

” Indiranagar is an important micro market for us and we are happy to add this land parcel to our portfolio. 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 said.

Based on current business assumptions, Godrej Properties said the project has an estimated booking value potential of Rs 750 crore.

In August, Executive Chairman Pirojsha Godrej said the company would like to add projects with a gross development value (GDV) of Rs 15,000 crore in this fiscal year to sustain growth in sales bookings.

”The pipeline is super strong. So I think I’m quite hopeful. We will have a large number of big announcements in the next few quarters,” Pirojsha had said in an interview with PTI when asked about the acquisition of new land parcels for future development.

As part of its expansion plan, the Godrej Group company is acquiring land outright and also entering into Joint Development Agreements (JDAs) to develop residential projects. It focuses on four cities — Delhi-NCR, Mumbai Metropolitan Region, Pune, and Bengaluru.

In February, Pirojsha announced plans to invest Rs 7,500 crore over the next 12-18 months to expand its portfolio.

Godrej Properties clocked sales booking of Rs 7,861 crore in 2021-22 and is targeting Rs 10,000 crore in FY23.

In line with the target, the company’s sales booking jumped five-fold to Rs 2,520 crore during the April-June period on a year-on-year basis– the highest ever first quarterly sales.

Godrej Properties is one of the leading real estate developers in the country.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

‘New tagline given for Karnataka is God’s Living Country’

M’luru cooker blast: Islamic preacher Zakir had tweeted about ‘suicide bomb’ hours after the incident

Gujarat polls: Modi, Kejriwal to address rallies in Surat

Karnataka Excels Under Ayushman Bharat Digital Mission: Sudhakar

Rain interrupts play in second ODI

Four girls drown in Kitwad Falls in Karnataka

Defeat of scholars in debate led to withdrawal of ‘jizya’ tax in Shah Jahan era: RSS chief

Related Articles More

Mangaluru blast case: Accused Shariq visited Udupi Krishna Math recently!

New legislation soon for administrative decentralization of varsities: Dr Ashwathnarayan

‘New tagline given for Karnataka is God’s Living Country’

M’luru cooker blast: Islamic preacher Zakir had tweeted about ‘suicide bomb’ hours after the incident

Bantwal: Vehicles collide on highway; plough into a house


Deepotsava at Shri Durga Adishakti temple

Girija Surgicals nebulizer vedio

KL Rahul Visit Kukke Subrahmanya Temple

Police commissioner N.Shahsikumar statement about viral video

CCTV Footage about mangaluru incident

Latest Additions

Western, central UP to be developed as hub for EVs, ancillary industries

Man’s resolve to recharge groundwater pays off, 3,500 water bodies dug in 7 months

Cheaper, tougher, less toxic: new alloys show promise in developing artificial limbs

Bharat Jodo Yatra reaches Indore in MP; Rahul Gandhi seen helping wheelchair-bound man

Cine stars see ray of hope in Bihar’s new film policy, offer suggestions

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.