* The new project near Bannerghatta Road will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately INR 2,000 crore *
Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The agreement is for an outright purchase with ~5% area share to the landowners.
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. In addition, the site is in close proximity to several other key hubs of the city and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.
Mr. Mohit Malhotra, MD & CEO, Godrej Properties, said, “Bannerghatta Road is an important micro - market within Bengaluru and we are happy to add this land parcel to our portfolio. This will further expand our presence in South Bengaluru and fits with our strategy of deepening our presence in key micro markets across India's leading cities.”
*On the basis of the current business assumptions.