Godrej Properties Limited (GPL), a name well known in the real estate industries, has recently acquired acquired approximately 7 acres of prime land in Thanisandra, North Bengaluru on an outright basis, the company on Monday announced through an exchange filing.
Prime Location with High Revenue Potential
The newly acquired land is located along Thanisandra Main Road, which offers a good connectivity to key locations and connects to areas such as Kempegowda International Airport, NH44, and the Outer Ring Road, making it a prime spot for residential development.
The project on this land is projected to generate an estimated revenue of Rs 1,200 crore, with a developable potential of around 9 lakh square feet.
High-End Residential Project
The company in the BSE exchange filing added that it is planning to develop a high-end residential project featuring premium apartments of various configurations on this land.
The project on this land is projected to generate an estimated revenue of Rs 1,200 crore, with a developable potential of around 9 lakh square feet. | File
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for residential development. North Bengaluru is an important 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”.
A Growing Real Estate Hub - Thanisandra
Thanisandra is growing real estate hub for both commercial and residential real estate and the area boasts social and civic infrastructure, including schools, malls, retail outlets, tech parks, and Special Economic Zones (SEZ), added the company in the regulatory filing.
Shares performance
The shares of the company on Monday at 2:03 pm IST were trading at Rs 3,178.60, down by 0.91 per cent.
