Chennai, NFAPost: Godrej Properties, one of India’s leading real estate developers 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 and the project will offer 5.6 million square feet of saleable area comprising primarily premium residential apartments of various configurations.
Godrej Properties MD & CEO Gaurav Pandey said the company is 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,” said Godrej Properties MD & CEO Gaurav Pandey.
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.
The location offers excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, special economic zone, and social infrastructure. The estimated booking value from the project is expected to be R 5,000 crore.
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.
