Godrej Properties buys 12-acre land parcel in Bengaluru; to develop nearly 92K sq mtrs housing project
Godrej Properties has acquired approximately 12-acre land parcel in Bengaluru city of Karnataka state with an aim to develop a residential project.
The Mumbai-based real estate company has plans to develop a residential housing project of approximately 92,900 square metres off Sarjapur Road in South Bengaluru, Godrej Properties said in press release on Wednesday.
The company will develop the project in partnership with Godrej Residential Investment Program II (GRIP II), cited the release. This is the second project under the GRIP II $275 million (nearly Rs 1,829.51 crore) fund, it added.
“We are happy to add this new project in Bengaluru. Bengaluru is a key market for us and we look forward to building a landmark project,” said Godrej Properties managing director and chief executive officer Pirojsha Godrej in a statement.
Godrej Properties, at present, is developing residential, commercial and township projects spread across approximately 11.98 million square meters in 12 cities.
The realty firm had entered the real estate markets of Noida and Greater Noida in January and June this year, respectively.
The stock of Godrej Properties closed up 0.21% or Rs 0.70 at Rs 337.25 on the BSE on Wednesday.