 "Godrej")
Godrej Properties, on Monday, announced its initiative to develop a township project in north Bengaluru, targeting a booking value of Rs 5,000 crore.
Being built under a profit-sharing model, the project is spread across 62 acres, the company said in a regulatory filing. "The project will offer a 5.6 million square feet of saleable area comprising primarily premium residential apartments of various configurations. The project will cater to the aspirations of customers who are looking for a high-quality living experience with modern amenities and design with outstanding connectivity," the company said,
According to Godrej, the land chosen for the project is one of the most sought-after locations. This land parcel offers "excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone, and social infrastructure," it noted.
READ: Why shares of Godrej Properties will be on investor radar today? Check here | News on Markets
READ: Why shares of Godrej Properties will be on investor radar today? Check here | News on Markets
It also added that the location offers connectivity to the eight-lane highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road – Hebbal.
Godrej Properties said that the agreement for the sale of land was entered into in 2014. However, the development did not commence at that time. "Over the past few months, the 62-acre development opportunity has crystallised, and Godrej Properties now expects to launch the first phase of development on this land in the upcoming financial year."
On the prospects, Gaurav Pandey, the CEO of Godrej Properties, said, "We are excited about 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."
