Godrej Properties purchases 7-acre Land in Bengaluru to develop Residential Project

Godrej Properties, a real estate developer, announced on July 1 that it has purchased a 7-acre land parcel in Bengaluru for the construction of a high-end residential project, which is expected to generate revenue of around Rs.1,200 crore.

The land in Thanisandra is set to undergo development for a high-end residential project that will include premium apartments of different sizes. The project is expected to have a total developable area of approximately 9 lakh square feet, with an estimated revenue potential of about Rs.1,200 crore, as per the company's statement. 

The MD and CEO, Godrej Properties Gaurav Pandey, said, “North Bengaluru is an important market for us, and we are happy to add this land parcel to our portfolio. This 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 aforementioned land parcel is linked to the Kempegowda International Airport to the north, NH44 to the west, and Outer Ring Road to the south. Thanisandra is emerging as a prominent center for both commercial and residential real estate in North Bengaluru, accommodating Manyata Tech Park, one of the largest in the IT hub.

On July 1, Godrej Properties Ltd disclosed in a regulatory submission its intention to construct a residential and high-street retail complex on a land area of around 11 acres in Hinjewadi, Pune.

During the financial year 2023-24, Godrej Properties announced bookings totaling Rs.22,527 crore and forecasted bookings amounting to Rs.27,000 crore for the ongoing fiscal period.

In the January-March quarter, the company saw a 14% year-on-year rise in its net profit, reaching Rs.471 crore. Nevertheless, its revenue from operations dropped by 15% to Rs.1,426 crore, down from Rs.1,646 crore in the same period last year.