Representative Photo.
Credit: PTI
New Delhi: Realty firm Godrej Properties on Monday said it has acquired a 7-acre land in Bengaluru to develop a luxury housing project with an estimated revenue of Rs 1,200 crore.
In a regulatory filing, the company informed about the acquisition of around 7 acres of land in Thanisandra, North Bengaluru on an outright basis.
The development on this land will comprise a high-end residential project featuring premium residential apartments of various configurations.
The proposed project is estimated to have a developable potential of about 9 lakh square feet with a revenue potential of around Rs 1,200 crore, the company said.
Gaurav Pandey, MD & CEO, Godrej Properties, said, the 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," Pandey said.
In a separate filing, Godrej Properties said it will develop an 11-acre land parcel in Hinjewadi, Pune.
The development on this land will comprise primarily group housing and high street retail.
The project will have a developable potential of around 2.2 million square feet with an estimated revenue of around Rs 1,800 crore.
Pandey said, "Hinjewadi is an important micro market for us in Pune and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune." Godrej Properties is one of the leading real estate developers in the country. It became the largest listed real estate developer in terms of sales bookings during 2023-24 fiscal.