Godrej Properties said that it has acquired approximately 7 acres of land in Thanisandra, North Bengaluru, on an outright basis.
The development on this land will comprise high-end residential project featuring premium residential apartments of various configurations. The proposed project is estimated to have a developable potential of nearly 9 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore.
Situated strategically in a high-potential area along Thanisandra Main Road, the land connects northwards to the Kempegowda International Airport, NH44 in the west, and Outer Ring Road in the south.
Thanisandra is a rapidly growing hub for commercial and residential real estate in North Bengaluru, boasting a robust social and civic infrastructure with schools, malls, retail outlets, tech parks and SEZ, and residential-commercial spaces in close vicinity. The area provides good connectivity to Kempegowda International Airport and key social-commercial zones in the city.
Gaurav Pandey, MD & CEO, Godrej Properties, said: Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for residential development.
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.
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In a regulatory filing made before market hours today, Godrej Properties stated that it will develop approximately 11-acre land parcel in Hinjewadi, Pune.
The development on this land will comprise primarily Group Housing & High Street Retail. The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately Rs 1,800 crore.
The land parcel is strategically located near the upcoming Megapolis Metro Station and offers good connectivity to Major IT hubs in Hinjewadi, Pune along with access to schools, hospitals, malls, restaurants, and premium hotels.
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 March 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
The company's consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.
The scrip shed 0.58% to currently trade at Rs 3189.15 on the BSE.
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