Godrej Properties Limited, a real estate developer, has acquired seven acres of land in Thanisandra, North Bengaluru. The land acquired outright will accommodate the construction of a luxury residential project featuring high-end apartments in various configurations. The project is estimated to generate a revenue of ₹1,200 crore.
The land is located in a high-potential area along Thanisandra Main Road, connecting northwards to the Kempegowda International Airport, NH44 in the west, and Outer Ring Road in the south. The proposed project is estimated to have a developable potential of nine lakh square feet.
“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,” said Gaurav Pandey, MD & CEO of Godrej Properties.
Thanisandra, located in North Bengaluru, is experiencing commercial and residential real estate growth. “Including North Bengaluru in our portfolio will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities,” added Pandey.
Godrej Properties, a subsidiary of Godrej Industries, is the real estate wing of the Godrej Group. As of March 31, 2024, Godrej Industries held 58.48 per cent of its equity shares.
This announcement came after Godrej announced its leasehold rights in regulatory funding for 11-acre land in Hinjewadi, Pune, on July 1. The company said it will develop a high-end retail project with an estimated revenue of Rs 1800 crores.
In June, it sold a 5 per cent stake held by it in equity share capital of Godrej Green Homes (GGHPL) to Godrej Fund Management and Investment Advisors (GFMIAPL) at a value of 46.70 crores.