Godrej Properties to build 62-acre township in Bengaluru with Rs 5,000 crore revenue potential
In a regulatory filing, the company informed that it has entered into definitive agreements with a land owning entity to develop a large township project in North Bengaluru under a profit-sharing model.
Godrej Properties (File Image) Godrej Properties Ltd on Monday said it will develop a 62-acre township in Bengaluru with an estimated revenue potential of Rs 5,000 crore.
In a regulatory filing, the company informed that it has entered into definitive agreements with a land owning entity to develop a large township project in North Bengaluru under a profit-sharing model.
Spread across 62 acres, the township project will offer around 5.6 million (56 lakh) square feet of saleable area comprising primarily premium residential apartments of various configurations.
While an agreement for sale of land, including this 62 acres was entered into in 2014, the development wasn’t able to commence at the time, the filing said.
Over the past few months, the 62-acre development opportunity has crystallized, it added.
Godrej Properties, a part of business conglomerate Godrej Group, expects to launch the first phase of development on this land in the upcoming financial year.
“The estimated booking value from the project is expected to be Rs 5,000 crore,” Godrej Properties said.
The company has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.
Godrej Properties has recently forayed into the Hyderabad market.
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