Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has acquired a land parcel that is strategically located in the immediate vicinity of Indiranagar and is close to the Old Airport Road and within the Outer Ring Road limits.
Spread across approximately 7-acres, the project is estimated to have a developable potential of approximately 0.6 million square feet of saleable area and will be developed as a premium residential project comprising apartments of various configurations. The project will have an estimated booking value potential of approximately INR 750 crore*.
In addition, the land is in close proximity to major office spaces in CBD-Bengaluru, commercial catchments of Old Airport Road, Outer Ring Road - Whitefield, and Sarjapur belt along with residential hubs such as Indiranagar, Marathahalli, and Domlur.
Mohit Malhotra, 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 high-end residential development. Indiranagar is an important micro 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."
*On the basis of the current business assumptions.