The project will present 2.4 million sq ft of saleable region mainly comprising residential apartments of a variety of configurations as component of a mid-variety township.
Godrej Properties has snapped up a chunky 18-acre parcel of land in Whitefield, Bengaluru at an estimated price of Rs 250-300 crore.
The transaction, announced on Tuesday, sent the company’s share cost soaring to a lifetime higher of Rs 1,256.55 on the BSE. The stock has gained 27.1% so far this year against the Sensex’s obtain of 10.6%.
The land obtain is in line with the altering approach at Godrej Properties exactly where, along with joint venture (JV) and joint improvement (JD) models, the corporation is also hunting at acquiring land parcels.
Mohit Malhotra, MD and CEO, Godrej Properties, had lately told FE the corporation now plans to obtain land in an opportunistic manner. While 80% of the enterprise will nevertheless be via JV and JD model, the firm is open to land acquisitions at distressed valuations, he stated.
The project will present 2.4 million sq ft of saleable region mainly comprising residential apartments of a variety of configurations as component of a mid-variety township.
Pirojsha Godrej, executive chairman, Godrej Properties, stated Bengaluru was a important industry for the corporation and that the project fitted in with the enterprise approach.
Whitefield is the biggest industrial and residential genuine estate industry in Bengaluru and the land is situated close to the proposed Metro line connecting Whitefield to Hopefarm Junction. Of the total 15,020 houses 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 subsequent 5-six years, will provide roughly 1,600 units.