Godrej Properties acquires 7-acres land parcel in Bengaluru's Indiranagar extension

Based on the current business assumptions, the project will have an estimated booking value potential of approximately Rs 750 crore.

Godrej Properties on Wednesday (28 September 2022) announced that it has acquired a land parcel that is strategically located in the immediate vicinity of Indiranagar and is close to the Old Airport Road and within the Outer Ring Road limits.

Spread across approximately 7-acres, the project is estimated to have a developable potential of approximately 0.6 million square feet of saleable area and will be developed as a premium residential project comprising apartments of various configurations.

The land is in close proximity to major office spaces in CBD-Bengaluru, commercial catchments of Old Airport Road, Outer Ring Road - Whitefield, and Sarjapur belt along with residential hubs such as Indiranagar, Marathahalli, and Domlur.

Mohit Malhotra, MD & CEO, Godrej Properties, said, "Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for high-end residential development. Indiranagar is an important micro market for us and we are happy to add this land parcel to our portfolio. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India's leading cities."

In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

On a consolidated basis, the company's net profit surged to Rs 45.55 crore in Q1 June 2022 as against Rs 17.03 crore in Q1 June 2021. Net sales zoomed to Rs 244.67 crore in Q1 FY23 from Rs 86.16 crore in Q1 FY22.

The scrip was trading almost flat at Rs 1155.20 on the BSE.

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