Godrej Properties acquires 10-acre land parcel in north Bengaluru, eyes ₹2,500 crore revenue

Bengaluru real estate: Godrej Properties will develop a 1.5 million sq ft premium residential project with high-street retail, the company said

Listed real estate developer Godrej Properties has acquired a 10-acre land parcel in north Bengaluru's Yelahanka to develop a housing project with an estimated revenue potential of about ₹2,500 crore, the company said in a regulatory filing on March 21.

Godrej Properties has acquired a 10-acre land parcel in Bengaluru to develop a housing project with an estimated revenue potential of about ₹2,500 crore, the company said. (Picture for representational purposes only)(Pixabay)

The project will have a development potential of around 1.5 million sq ft, comprising primarily of premium residential development and high street retail, the company added.

The seller is Indian Hume Pipe Co Ltd, the company said in a regulatory filing.

Indian Hume Pipe specializes in manufacturing, laying, and joining pipelines made from various materials such as RCC pipes and steel pipes, among others.

"The sale of our ten-acre land in north Bengaluru marks a significant milestone for the company and was timed perfectly amidst a favourable real estate market. Our deal with Godrej Properties, which is one of the largest and most trusted real estate brands in the country, was concluded after conducting a bidding process," Rajas Doshi, Chairman and Managing Director of IHP added.