Godrej Properties to develop Township Project in Bengaluru

Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model.

Spread across ~62 acres, the land is located in a prime area of North Bengaluru. The project will offer ~ 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.

This land parcel is strategically located in one of the most sought-after locations in Bengaluru offering excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone, and social infrastructure. The location also offers connectivity to the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road - Hebbal.

While an agreement for sale for land including this 62 acres was entered into by GPL in 2014, the development wasn't able to commence at the time. Over the past few months, the 62 acres development opportunity has crystallized, and GPL now expects to launch the first phase of development on this land in the upcoming financial year.

* On the basis of the current business assumptions.

Gaurav Pandey, MD & CEO, Godrej Properties said, "We are excited with 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."

Shares of Godrej Properties Limited was last trading in BSE at Rs. 2428.90 as compared to the previous close of Rs. 2397.00. The total number of shares traded during the day was 1010885 in over 957 trades.

The stock hit an intraday high of Rs. 2435.00 and intraday low of 2392.70. The net turnover during the day was Rs. 2428303704.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 TownshipProject Bengaluru