Godrej Properties Ltd has unveiled plans to construct a sprawling 62-acre township in Bengaluru, with an anticipated revenue potential of Rs 5,000 crore. The real estate giant revealed in a regulatory filing that it has finalized agreements with a land-owning entity to embark on this ambitious project under a profit-sharing arrangement.
The proposed township, situated in North Bengaluru, is projected to encompass a vast expanse of 62 acres and will boast approximately 5.6 million square feet of saleable area, primarily comprising premium residential apartments of various configurations. Although an agreement for the sale of the land, encompassing these 62 acres, was initially inked in 2014, development activities could not commence at that time, as indicated in the filing.
However, in recent months, the opportunity for the development of this expansive 62-acre township has materialized, marking a significant milestone for Godrej Properties. The company, a subsidiary of the renowned business conglomerate Godrej Group, anticipates initiating the first phase of development on this prime land parcel in the forthcoming financial year.
Commenting on the project, Godrej Properties stated, “The estimated booking value from the project is expected to be Rs 5,000 crore.” With a substantial presence in prominent real estate markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, the company is poised to further strengthen its foothold in the sector.
Moreover, Godrej Properties recently made its entry into the burgeoning Hyderabad market, signaling its commitment to diversifying its geographical footprint and capitalizing on emerging growth opportunities in the Indian real estate landscape.
