Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, on Tuesday, announced that it has purchased an approximately 4-acre land parcel on an outright basis, the company announced through an exchange filing.
The land is located in Yeshwanthpur abutting the National Highway - 75, one of the prime locations in Bengaluru.
The project is estimated to have a developable potential of approximately 0.7 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of Rs 1,000* Crore with scope to increase to Rs 1,250* Crore basis additional 1-acre land acquisition, making it overall a approximately 5-acre parcel.
Gaurav Pandey, MD & CEO, Godrej Properties said, “Yeshwanthpur 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.”
Godrej Properties shares
The shares of Godrej Properties on Tuesday at 11:22 am IST were trading at Rs 2000.65, down by 0.0025 per cent.