Godrej Properties gains 4% on deal for Bengaluru township project with up to ₹5,000 crore potential
Upstox
2 min read • Updated: March 4, 2024, 4:21 PM
Summary
The township will be spread across 5.6 million square feet of saleable area on a 62-acre land parcel in a prime location in North Bengaluru.
Shares of Godrej Properties Limited surged 4% in early trade on Monday after the real estate firm announced the signing of a definitive agreement to develop a township project in North Bengaluru.
In an exchange filing on Monday, the real estate developer said that it has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model.
The township will be spread across 5.6 million square feet of saleable area on a 62-acre land parcel in a prime location in North Bengaluru, as per the filing. The project will comprise mainly premium residential apartments of various sizes and amenities.
The estimated booking value from the project is expected to be ₹5,000 crore, the company informed the stock exchanges.
With this mega real estate project, the company will look to cater to the aspirations of customers who are looking for a high-quality living experience with modern amenities and design with outstanding connectivity.
Commenting on the agreement, Godrej Properties Managing Director and 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."
In 2014, Godrej Properties had entered into an agreement to acquire this land parcel. However, the commencement of development was delayed. In recent months, the development opportunity on this 62-acre land parcel solidified and the company is now looking to start the first phase of development in the upcoming financial year.
As far as the location of the township project is concerned, the project site has excellent connectivity with the Kempegowda International Airport. There is an upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone and social infrastructure near this location, the filing said.
This prime location also has connectivity with the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road – Hebbal.