Godrej Properties Purchases 4-acre Bengaluru Land for Rs 1,000 crore Project
Godrej Properties, a subsidiary of the Godrej Group focused on real estate development, has purchased a 4-acre land parcel situated in Yeshwanthpur, Bengaluru's prime area adjacent to National Highway-75, outright. The intention behind this acquisition is to construct a high-end residential project that holds a revenue potential surpassing Rs 1,000 crore. The proposed project is anticipated to offer more than 7 lakh square feet of saleable area, featuring premium residential apartments in various configurations.
As per prevailing rates in the vicinity, the project is anticipated to generate a revenue potential of Rs 1,000 crore. However, there's a possibility to increase this figure to Rs 1,250 crore by acquiring an additional 1-acre land, expanding the overall parcel to 5 acres. "Yeshwanthpur holds significant importance as a micro-market for us. Incorporating this land into our portfolio will reinforce our presence in Bengaluru, aligning with our strategy to further establish ourselves in key micro-markets across major cities in India", stated Gaurav Pandey, MD & CEO of Godrej Properties.
Strategically positioned, the site boasts extensive frontage along National Highway - 75 in Yeshwanthpur. It benefits from well-developed commercial and social infrastructure and enjoys proximity to Goraguntepalya and Peenya metro stations, facilitating access to Bengaluru's Central Business District (CBD) and other parts of the city. Additionally, the location offers connectivity to Kempegowda International Airport, Bengaluru, and various significant areas through Outer Ring Road – Hebbal.
Godrej Properties is presently gearing up to launch 14 new projects and introduce 10 new phases of ongoing projects in key real estate markets during the latter half of the financial year. This marks the largest planned pipeline of launches by Godrej Properties within a six-month period. Pirojsha Godrej, Executive Chairperson of Godrej Properties, mentioned the company's trajectory to surpass its targets in new bookings amounting to Rs 14,000 crore, record-breaking cash collections, and project deliveries during the ongoing financial year. This success is attributed to robust housing demand and the positive reception of its projects.