JLL India facilitates JV between Godrej Properties and Royale Builders to develop NH-7
JLL India, real estate consultancy and professional services firm has structured a marquee transaction between Royale Builders & Developers, one of the largest land aggregators in Bangalore, and leading real estate developers Godrej Properties Ltd.
The two developers have joined forces to develop a 13-acre land parcel on Bellary Main Road (NH-7), close to Bangalore International Airport in North Bangalore. They plan to develop a modern residential project of approximately 1.34 million sq.Ft. (125,000 sq.M.) with connectivity to the city's key commercial and industrial catchment areas of Devanahalli, Hebbal and Yashvantpur.
Ramesh Nair - CEO & Country Head, JLL India said, "North Bangalore is one of the fastest-growing corridors in the city. Excellent connectivity to the airport and ready-to-move-in office spaces are the key drivers of demand in this market, which will see the development of about 10-15 million sq.Ft. of office space over the next 5-7 years. This will bring with it an escalating demand for homes in this market. A development of this scale, backed by the stakeholders' strong reputation, will be a boon to buyers on the lookout for an elevate lifestyle with best-in-class social and physical infrastructure."
M. M. Bhatia, Chairman, Royale Builders & Developers said, "This collaboration is special to us considering the incredible Godrej brand, and comes close on the heels of our earlier partnership with Prestige Group. An expansive residential project of this nature will create tremendous value for end-users and investors, not least of all because the Bellary Road micro-market is one of the fastest-growing real estate precincts of Bangalore."