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Updated January 2nd, 2024 at 13:17 IST

Godrej Properties acquires 4-acre land in NorthWest Bengaluru for Rs 1,000 crore project

The strategically located site boasts a substantial frontage on NH 75, Yeshwanthpur, offering access to well-developed commercial and social infrastructure.

Business Desk
Godrej Properties
Godrej Properties | Image:Republic
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Godrej Properties Ltd. (GPL), a prominent player in India's real estate sector, has successfully secured a four-acre land parcel in the prime corridors of NorthWest Bengaluru. The acquisition, executed on an outright basis, positions the company strategically in Yeshwanthpur, adjoining National Highway 75, a highly sought-after location in Bengaluru.

The project, estimated to have a developable potential of approximately 0.7 million square feet, is envisioned to primarily consist of premium residential apartments in various configurations. The anticipated revenue potential for the project stands at Rs 1,000 crore, with the possibility of expansion to Rs 1,250 crore based on an additional 1-acre land acquisition, making it an overall five-acre parcel.

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Gaurav Pandey, MD and CEO of Godrej Properties, expressed the significance of the Yeshwanthpur micro market for the company, stating, "Yeshwanthpur 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."

The strategically located site boasts a substantial frontage on NH 75, Yeshwanthpur, offering access to well-developed commercial and social infrastructure. Its proximity to Goraguntepalya and Peenya metro stations enhances connectivity to the Central Business District (CBD) and other parts of Bengaluru. Additionally, the location facilitates easy access to Kempegowda International Airport and other key areas of Bengaluru through Outer Ring Road – Hebbal.

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The announcement comes against the backdrop of Godrej Properties' commitment to sustainable development. In 2010, GPL pledged that all its developments would be third-party-certified green buildings. In subsequent years, the company has been recognised globally for its sustainability and governance practices.

The shares of Godrej Properties closed 0.27 per cent lower at Rs 2007.95 apiece on the NSE on Monday, January 1, 2024.

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Published January 2nd, 2024 at 09:08 IST

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