Godrej Properties said that it has purchased a land measuring approximately 16 acres in Sarjapur (Bengaluru), for developing a mid-income project.
The project is estimated to have a developable potential of approximately 1.5 million square feet saleable area comprising primarily of residential apartments of various configurations.
Sarjapur is one of the most preferred residential locations in Bengaluru and also has excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city.
The site is strategically located close to the Sarjapur main road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.
Mohit Malhotra, MD & CEO, Godrej Properties, said, Infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group.
Sarjapur is an important micro-market for us and we are happy to add this land parcel to our portfolio. This will further expand our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India's leading cities.
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Godrej Properties is engaged in construction and real estate development.
The company's consolidated net profit stood at Rs 35.7 crore in Q2 FY22 steeply higher than Rs 7.10 crore posted in Q2 FY21. Revenue from operations grew by 44.4% YoY to Rs 129.32 crore in Q2 FY22.
The scrip rose 2.69% to end at Rs 2239.85 on the BSE yesterday.
In the past three months, the stock has added 51.95% while the Nifty 50 index and the Nifty Realty index have gained 4.97% and 39.35%, respectively.
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