New Delhi: Realty firm Godrej Properties has acquired a 30-acre land in South Bengaluru to develop a township with an estimated revenue of around Rs 3,500 crore.In October, the company had bought a 26-acre land parcel at Sarjapur, Bengaluru to develop a housing project with an estimated revenue of Rs 1,100 crore.
In a regulatory filing on Thursday, the company informed that it has acquired an additional 3.8-acre land parcel, thereby unlocking Rs 2,400 crore of additional revenue and 2 million sq ft of additional development potential.With this acquisition, Godrej Properties Ltd plans a large-scale, premium residential community.
The overall gross development value of this 30-acre township will be Rs 3,500 crore. The total development potential is 3 million sq ft area."The enhanced potential is largely due to higher FSI permissibility across the entire land parcel, allowing the combined 30 acres holding to be master planned as an integrated group housing development township," Godrej Properties said.
Gaurav Pandey, MD & CEO, Godrej Properties, said, this expansion gives the company the opportunity to create a landmark community that reflects its vision for sustainable, integrated living.Godrej Properties is one of the leading real estate developers in the country.
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