Godrej Properties on Friday said it has acquired 10 acres of land in Bengaluru, with an estimated revenue potential of Rs 2,500 crore.
In a regulatory filing after market hours, the real estate firm said it has purchased the land parcel in Yelahanka in Bengaluru for a premium residential project with high-street retail.
The proposed development will have a saleable area of about 1.5 million square feet and will offer homes in various configurations, catering to different segments of homebuyers, it said.
Mumbai-based Godrej Properties has a number of projects either completed or under construction and planning in Bengaluru, with the company generally aiming for the mid-premium and aspirational luxury segments in the city, across various micro-markets, including some in the peripheries. In the Yelahanka micro-market itself, the firm has built the Godrej Avenues premium housing development, which was ready for possession in 2021.
The company's main competitors are a gamut of local, albeit large and listed developers, such as the Prestige Group, Brigade Enterprises, Puravankara, and other branded developers. Others such as Macrotech (Lodha Group) have also set up projects in the tech metropolis, with plans to expand further in the market.
Shares of Godrej Properties closed at Rs 2,141 per share on the NSE on Friday, up 1.52 percent.
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