Godrej Properties buys land in Whitefield, Bengaluru

By: |
December 9, 2020 2:00 AM

The transaction, announced on Tuesday, sent the company’s share price soaring to a lifetime high of Rs 1,256.55 on the BSE. The stock has gained 27.1% so far this year against the Sensex’s gain of 10.6%.

The project will offer 2.4 million sq ft of saleable area primarily comprising residential apartments of various configurations as part of a mid-range township.

Godrej Properties has snapped up a chunky 18-acre parcel of land in Whitefield, Bengaluru at an estimated cost of Rs 250-300 crore.

The transaction, announced on Tuesday, sent the company’s share price soaring to a lifetime high of Rs 1,256.55 on the BSE. The stock has gained 27.1% so far this year against the Sensex’s gain of 10.6%.

The land purchase is in line with the changing strategy at Godrej Properties where, along with joint venture (JV) and joint development (JD) models, the company is also looking at acquiring land parcels.

Mohit Malhotra, MD and CEO, Godrej Properties, had recently told FE the company now plans to acquire land in an opportunistic manner. While 80% of the business will still be through JV and JD model, the firm is open to land acquisitions at distressed valuations, he said.

The project will offer 2.4 million sq ft of saleable area primarily comprising residential apartments of various configurations as part of a mid-range township.

Pirojsha Godrej, executive chairman, Godrej Properties, said Bengaluru was a key market for the company and that the project fitted in with the business strategy.

Whitefield is the largest commercial and residential real estate market in Bengaluru and the land is situated near the proposed Metro line connecting Whitefield to Hopefarm Junction. Of the total 15,020 homes launched in Bengaluru in 2020 till September, branded developers like Godrej Properties account for the majority 63% share. The project, slated to be completed in the next five-six years, will deliver approximately 1,600 units.

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