Godrej Properties buys 7-acre land in Bengaluru for residential project
Godrej Properties said that it has purchased a land parcel located in Bengaluru’s Indiranagar surroundings near old airport road and within outer ring road limits.
According to Godrej Properties, the acquired land covers an area of nearly seven acres. It has a developable potential of around 0.6 million square feet of sealable area that would be developed as a premium residential project with apartments of different configurations.
The residential project will have an estimated booking value potential of around Rs 750 crores, said the Indian real estate developer.
Additionally, the acquired land is said to be very near major office spaces in CBD-Bengaluru, commercial complexes of old airport road, outer ring road – Whitefield and Sarjapur belt including residential areas like Indiranagar, Domlur, and Marathahalli.
Mohit Malhotra — Godrej Properties MD and CEO said: “Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for high-end residential development.
“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.”