Godrej Properties rose 1.68% to Rs 1648.85 after the company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru.
The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with ~5% area share to the landowners.
Bannerghatta Road is one of the established residential locations in South Bengaluru and has excellent connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City. In addition, the site is in close proximity to several other key hubs of the city and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.
In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
On consolidated basis, net profit of Godrej Properties jumped 171.4% to Rs 38.95 crore on 63.5% surge in net sales to Rs 278.76 crore in Q3 December 2021 over Q3 December 2020.
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