Mumbai-based real estate developer Godrej Properties has announced that it has entered into an outright transaction to purchase a well-located land parcel in Sarjapur, Bengaluru spread across 15 acres.
The firm plans to develop a group housing project in the area. The project will offer approximately 0.15 million square meters (1.6 million square feet) of a potential saleable area comprising of residential apartments of various configurations.
Sarjapur is a residential location in Bengaluru with good connectivity to Outer Ring Road and several other key hubs of the city. The site is strategically located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.
“Bengaluru is a key market for us and this project addition fits well with our strategy of deepening our presence across the country's leading real estate markets,” said Pirojsha Godrej, executive chairman, Godrej Properties.
This is the third property acquired by Godrej Properties since March. It entered the Faridabad market then by purchasing a 43.61-acre land parcel from BPTP.
Also Read: Godrej Properties to invest Rs 6,000 crore in acquiring new land parcels
The project will offer approximately 139,000 square meters (1.5 million square feet) of a saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail and commercial space in Mumbai's Kalyan area in September, the company had said.
Also Read: Godrej Properties to develop 20-acre residential project in Mumbai's Kalyan
In July, Godrej Properties had raised Rs 1,000 crore through non-convertible debentures on a private placement basis for three years. It had also raised Rs 2,100 crore last year through a qualified institutional placement (QIP).
According to a recent report by ICICI Securities, organised players will continue to benefit. Listed, organised players may clock anywhere between 70-90 percent of Q2FY20 sales in Q2FY21.
As the festive season approaches, listed developers have a number of planned launches and continue to focus on monetisation of ready inventory, the report stated.
While quarter-to-quarter sales volumes of listed developers may appear volatile depending on the number of launches/activations in a specific quarter, the broader theme of ready inventory and new launches from listed developers continuing to see strong buyer interest remains intact, ICICI Securities suggested in the report. This, it said, is reflected across the board with the strong response to activation schemes for completed/nearing completion inventory even in H1FY21 where Indian cities continued to be under lockdown.