Godrej Properties has bought an additional 3.8-acre land parcel in South Bengaluru that could potentially unlock around Rs 2,400 crore in revenue and add nearly 2 million sq ft of development area. With the new acquisition, Godrej Properties will now develop a large premium residential community on a combined land parcel of about 30 acres.
Earlier in October, the company had bought a 26-acre land parcel at Sarjapur, Bengaluru to develop a housing project with an estimated revenue of Rs 1,100 crore.
Godrej Properties eyes Rs 3,500 crore revenue
The overall project is expected to generate around Rs 3,500 crore in revenue and offer about 3 million sq ft of developable space.
The company said in its regulatory filing on Monday that the higher FSI across the full land area will help it design an integrated group housing township with open spaces, lifestyle amenities and sustainable features.
Gaurav Pandey, MD & CEO said, “The enhanced potential is largely due to higher FSI permissibility across the entire land parcel, allowing the combined 30 acres holding to be master planned as an integrated group housing development township.”
Share price of Godrej Properties
The share price of Godrej Properties has declined 23.67% so far this year.