The land is situated in the residential micro-market of Bannerghatta Road in South Bengaluru, Godrej Bannerghatta Road Properties said in a controlling filing.
Godrej Properties Ltd on Monday broadcast that it has entered into an agreement to develop a 33-acre land parcel in Bengaluru and imagines around ₹2,000 crore revenue from this upcoming residential project
Godrej Properties in a regulatory filing informed that the land is positioned in the residential micro-market of Godrej Bannerghatta Road in South Bengaluru. “Bannerghatta Road is one of the recognized residential positions in South Bengaluru and has outstanding connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City. In addition, the site is in close nearness to several other key hubs of the city and offers an tremendously well-developed social and civic organization with multiple schools, hospitals, retail, residential, and commercial spaces in close nearness The new project near Bannerghatta Road will have a developable potential of about 3.4 million square feet of saleable area with an assessed revenue of approximately ₹2,000 crore,” it added. The agreement is for an outright acquisition, with around 5% area share to the landowners
Mohit Malhotra, MD and CEO, Godrej Assets, said, “Bannerghatta Road is an significant micro-market within Bengaluru and we are happy to add this terrestrial parcel to our portfolio.”
This will additionally enlarge the company’s presence in South Bengaluru and fits with the strategy of excavating its presence in key micro markets across India’s leading cities, he added.
Godrej Properties decorated that Bannerghatta Road is one of the established residential locations in South Bengaluru and has excellent connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City.
He was optimistic on the growth probable in the housing and commercial real estate sections, particularly in four major markets: Mumbai City Region (MMR), Delhi-NCR, Bengaluru and Pune — where the company has an enormous presence.