One of the prominent real estate developer Godrej Properties has recently entered into an agreement for developing a large township in North Bengaluru under a profit-sharing model. The estimated booking value for the project is amounting Rs.5,000 crore. The whole project is spread across 62 acres and located in a prime area of North Bengaluru. The project will be having 5.6 million square feet of saleable area, comprising primarily premium residential apartments of various configurations.
Godrej declared that, while an agreement for sale for land, including this 62 acres, was entered into in 2014, the development wasn’t able to commence at the time. Throughout the past few months the development opportunity on the land has crystallised, and it now expects to launch the first phase of development on this land in FY25.
The project was strategically located in the close proximity to Kempegowda International Airport. Also the project will be connected through metro with the other prime locations of Bengaluru. More number of luxury residential and commercial developments, Special Economic Zone, and social infrastructural development projects are coming up in that location.
The location also provide excellent connectivity to the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road – Hebbal, the company said in a statement.
Gaurav Pandey, MD and CEO, Godrej Properties, was very delighted and told the media, “We are excited with the opportunity to develop a large scale project in a strategic location in Bengaluru. We will aim to build an outstanding residential community that creates long-term value for its residents."
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