Real estate major Godrej Properties Ltd on March 4 announced that it has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model. The estimated booking value from the project is expected to be around ₹5000 crore, the company said in a regulatory filing.
Real estate major Godrej Properties Ltd on March 4 announced that it has entered into definitive agreements to develop a large township project in North Bengaluru. (Picture for representational purposes only) (Pixabay)
Spread across around 62 acres, the land is located in a prime area of North Bengaluru. The project will offer around 5.6 million square feet of saleable area comprising primarily premium residential apartments of various configurations, the company said.
This land parcel is strategically located in one of the most sought-after locations in Bengaluru offering excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone, and social infrastructure.
The location also offers connectivity to the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road – Hebbal, the company said in a statement.
While an agreement for sale for land including this 62 acres was entered into by GPL in 2014, the development wasn’t able to commence at the time. Over the past few months, the 62 acres development opportunity has crystallized, and GPL now expects to launch the first phase of development on this land in the upcoming financial year, it said.
“We are excited with the opportunity to develop a large scale project in a strategic location in Bengaluru. We will aim to build an outstanding residential community that creates long-term value for its residents," said Gaurav Pandey, MD and CEO, Godrej Properties.
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