The project spread around 62 acres, the land is located in a prime area of North Bengaluru. It will offer approximately 5.6 million square feet of saleable area comprising primarily premium residential apartments of various configurations. The project will cater to the aspirations of customers who are looking for a high-quality living experience with modern amenities and design with outstanding connectivity. On the basis of the current business assumptions, the estimated booking value from the project is expected to be around Rs 5,000 crore.
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.
An agreement for sale for land including 62 acres was entered into by the company 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 the company now expects to launch the first phase of development on this land in the upcoming financial year.
Gaurav Pandey, MD, and CEO, Godrej Properties, 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.”
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.
The real estate developer’s consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.