Bengaluru: Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has purchased a ~ 4-acre land parcel on an outright basis. The land is located in Yeshwanthpur abutting the National Highway – 75, one of the prime locations in Bengaluru.
This project is estimated to have a developable potential of approximately 0.7 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of INR 1,000* Crore with scope to increase to INR 1,250* Crore basis additional 1-acre land acquisition, making it overall a ~ 5-acre parcel.
The site is strategically located with a huge frontage on National Highway – 75, Yeshwanthpur. The area offers well-developed commercial and social infrastructure and is in proximity to Goraguntepalya and Peenya metro stations providing access to the Central Business District, (CBD) and other parts of Bengaluru. The location also provides connectivity to the Kempegowda International Airport, Bengaluru, and other key areas of Bengaluru through Outer Ring Road – Hebbal.
Gaurav Pandey, MD & CEO, Godrej Properties said, “Yeshwanthpur 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.
