Godrej Properties entered into an agreement to develop a 33 acre parcel in the residential micro-market of Bannerghatta Road in south Bengaluru, Karnataka.
The agreement is for an outright purchase with five percent area share to landowners, the real estate developer announced in a filing to stock exchanges on March 28.
The company, however, did not share any investment figures.
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The new project will have a development potential of about 3.4 million square feet of saleable area with an estimated revenue of around Rs 2,000 crore.
Bannerghatta Road is one of the established residential locations in south Bengaluru with connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City, according to the filing.
Additionally, the site is in proximity to other key hubs of the city and has social and civic infrastructure with multiple schools and hospitals nearby, along with retail, residential, and commercial spaces.
“Bannerghatta Road is an important micro-market within Bengaluru and we are happy to add this parcel to our portfolio. This will expand our presence in south Bengaluru and fits with our strategy of deepening our presence in key micro markets across India's leading cities,'' said Mohit Malhotra, managing director and chief executive of Godrej Properties.
At 10:02 am, shares of Godrej Properties were trading 1.38 percent higher at Rs 1,644 apiece on the BSE.