Godrej Properties Ltd, on November 26, announced that it had purchased a land measuring approximately 16 acres in Sarjapur, Bengaluru to develop a mid-income project.
Neither the deal value nor the name of the seller has been disclosed.
The project is estimated to have a developable potential of approximately 1.5 million square feet saleable area comprising primarily residential apartments of various configurations, the company said in a statement.
Sarjapur is a residential location in Bengaluru that has excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city. The site is strategically located close to the Sarjapur main road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.“Infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group. Sarjapur is an important micro market for us and we are happy to add this land parcel to our portfolio. This will further expand our presence in Bengaluru and complements our strategy of deepening our presence in key micro markets across India's leading cities," said Mohit Malhotra, MD & CEO, Godrej Properties.