Godrej Properties acquires a 7-acre land parcel in Bengaluru to construct a housing project worth ₹1,200 crore

Real estate developer Godrej Properties has acquired a 7-acre land parcel in Bengaluru to build a luxury housing project with an estimated revenue potential of ₹1,200 crore, the company said in a regulatory filing on July 1.

The development on this land in Thanisandra will comprise a high-end residential project featuring premium residential apartments of various configurations. The proposed project is estimated to have a developable potential of about 9 lakh square feet with a revenue potential of around ₹1,200 crore, the company said.

“North Bengaluru is an important market for us, and we are happy to add this land parcel to our portfolio. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India's leading cities,” said Gaurav Pandey, MD and CEO, Godrej Properties.

Also read: Why are real estate developers making a beeline for Mumbai and Bengaluru markets?

The said land parcel connects northwards to the Kempegowda International Airport, NH44 in the west, and Outer Ring Road in the south. Overall, Thanisandra is a rapidly growing hub for commercial and residential real estate in North Bengaluru, housing Manyata Tech Park, one of the biggest in the IT capital.

Other projects on the anvil

Godrej Properties Ltd in a regulatory filing on July 1 also announced plans to develop a residential and high-street retail project on an approximately 11-acre land parcel in Hinjewadi, Pune.

“The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately ₹1,800 crore,” the company said in its statement.

Also read: Godrej Properties acquires rights on 11-acre land in Pune; to develop housing and high-street project worth ₹1,800 cr

“We will aim to build an outstanding gated community that creates long-term value for its residents,” Pandey underscored.

In the financial year 2023-24, Godrej Properties reported bookings to the tune of ₹22,527 crore and provided a guidance of bookings worth ₹27,000 crore for the ongoing fiscal.

The company clocked a 14% year-on-year increase in its net profit in the January-March quarter at ₹471 crore. However, its revenue from operations tanked 15% to ₹1,426 crore, from ₹1,646 crore in the same period last year.

Also read: Godrej Properties sales bookings in FY24 cross ₹22,500 crore, up 84% year-on-year

As per information on the company website, Godrej Properties is present in 12 cities across the country.