Godrej Properties To Develop Township Project In Bengaluru
The estimated booking value from the project is expected to be ~ INR 5,000 crore*
Mumbai, Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model.
Spread across ~62 acres, the land is located in a prime area of North Bengaluru. The project will offer ~ 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.
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.
While an agreement for sale for land including this 62 acres was entered into by GPL 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 GPL now expects to launch the first phase of development on this land in the upcoming financial year.
* On the basis of the current business assumptions.
Gaurav Pandey, MD & 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.”
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 127- year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all of its developments would be third party certified green buildings. In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread sustainable development practices across the Indian real estate sector. In recent years, Godrej Properties has received over 400 awards and recognitions, including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019, Brand Trust Report, Builder of the Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.
