Godrej Properties stocks in focus as realtor to developer township project in North Bengaluru

Shares of Godrej Properties Ltd are in focus on Monday after real estate developer entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model. In a filing to BSE, Godrej Properties said the project is spread across 62 acres and that the land is located in a prime area of North Bengaluru.

The project will offer 5.6 million square feet of saleable area comprising, primarily premium residential apartments of various configurations. The project would cater to the aspirations of customers who are looking for a high-quality living experience with modern amenities and design with outstanding connectivity, Godrej Properties said.

"This land parcel is strategically located in one of the most sought-after locations in Bengaluru offering excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone, and social infrastructure. The location also offers connectivity to the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road – Hebbal," Godrej Properties said,

While an agreement for sale for land including this 62 acres was entered into by Godrej Properties in 2014, the development was not able to commence at the time. Over the past few months, the 62 acres development opportunity has crystallized, and Godrej Properties now expects to launch the first phase of development on this land in the upcoming financial year.

MD & CEO Gaurav Pandey said, “We are excited with the opportunity to develop a large scale project in a strategic location in Bengaluru. We will aim to build an outstanding residential community that creates long-term value for its residents.”