Real estate company Godrej Properties has acquired 30 acres of land to develop a township in south Bengaluru. The estimated revenue of this township is around Rs 3,500 crore.
The company had in October purchased 26 acres of land in Bengaluru’s Sarjapur to develop a housing project with an estimated revenue of Rs 1,100 crore.
Godrej Properties informed the stock market on Thursday that it has acquired 3.8 acres of additional land. This will generate additional revenue of Rs 2,400 crore and 20 lakh square feet of additional development potential.
With this acquisition the total gross development value of the 30-acre township will be Rs 3,500 crore. The total development potential is 30 lakh square feet area. Gaurav Pandey, Managing Director and Chief Executive Officer (CEO), Godrej Properties, said this expansion gives the company an opportunity to develop a space in line with its vision of sustainable, integrated living. Godrej Properties is one of the leading real estate developers in the country.
