Updated March 4th, 2024 at 10:27 IST

Godrej Properties up 3% on North Bengaluru township project deal

Under a profit-sharing arrangement, GPL has finalised agreements to develop a sprawling township spanning approximately 62 acres in North Bengaluru.

Reported by: Business Desk
Godrej Properties Limited | Image:Official website
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Godrej's Bengaluru Township: The shares of Godrej Properties rose 3.37 per cent to an intraday high of Rs 2,524 apiece on the NSE after the company announced its plans to develop a township project in North Bengaluru, signalling major expansion for the real estate giant. Under a profit-sharing arrangement, GPL has finalised agreements to develop a sprawling township spanning approximately 62 acres in North Bengaluru.

The project, expected to yield around Rs 5,000 crore in bookings, will primarily consist of premium residential apartments, totalling approximately 5.6 million square feet (sq ft).

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Strategically located, the land parcel offers connectivity to key areas such as Kempegowda International Airport and upcoming metro stations. Additionally, its proximity to the Outer Ring Road – Hebbal ensures accessibility to Bengaluru's central business district and other important hubs.

Gaurav Pandey, MD & CEO of Godrej Properties, stated, "We see great potential in Bengaluru and aim to deliver a quality residential community."

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The company anticipates commencing the first phase of development in the upcoming financial year.

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Published March 4th, 2024 at 10:25 IST