Godrej Properties Acquires 4-acre Land in Bengaluru for Rs 1,000-cr Residential Project
Godrej Properties, the real estate development arm of the Godrej Group, has made a significant move by acquiring a 4-acre land parcel in Yeshwanthpur, Bengaluru. The prime location, adjacent to National Highway-75, has been secured outright and is earmarked for the development of a premium residential project with an anticipated revenue of over Rs 1,000 crore.
The proposed project is expected to yield more than 7 lakh sq ft of saleable area, featuring premium residential apartments in various configurations. Taking into account current prices in the vicinity, the project’s revenue potential is estimated at Rs 1,000 crore, and this could potentially increase to Rs 1,250 crore with the acquisition of an additional 1-acre of land, making it a comprehensive 5-acre parcel.
Gaurav Pandey, MD & CEO of Godrej Properties, expressed the significance of Yeshwanthpur as a crucial micro market for the company. He stated, “Adding this land parcel to our portfolio will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities.”
The strategically located site boasts a substantial frontage on National Highway – 75, Yeshwanthpur, offering well-developed commercial and social infrastructure. Proximity to Goraguntepalya and Peenya metro stations provides convenient access to the Central Business District (CBD) and other parts of Bengaluru.
In addition, the location facilitates connectivity to Kempegowda International Airport, Bengaluru, and various key areas in the city through Outer Ring Road – Hebbal.
Godrej Properties is currently gearing up to launch 14 new projects and 10 new phases of ongoing projects in key property markets during the second half of the financial year. Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed confidence in exceeding their guidance of new bookings worth Rs 14,000 crore for the current financial year, driven by robust housing demand and positive responses to their projects.
The company has reported a strong performance in various metrics, including sales, collections, project delivery, and business development. As of September-end, they have achieved 52% of their deliveries and 48% of their business development against the guidance of 12.5 million sq ft deliveries and Rs 15,000 crore business development.
During the September quarter, Godrej Properties achieved its highest-ever quarterly sales of Rs 5,034 crore, with 5.24 million sq ft of area sold. The company’s net profit rose by 22% to Rs 67 crore, supported by a 75% growth in total income, reaching Rs 571 crore for the quarter.
Investors and industry observers are keenly watching the company’s strategic acquisitions and robust performance in a dynamic real estate market.
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