Godrej Properties inks JV for housing project in Bengaluru

Realty firm Godrej Properties today said it has entered into a joint venture agreement with Royale Builders and Developers to develop a 13-acre group housing project in north Bengaluru.
The company, which is the real estate arm of the Godrej group, plans to develop a group housing project of about 1.34 million sq ft.
Property consultant JLL India facilitated the JV between the two companies.
Godrej Properties generally partners with land owners to develop real estate project.
The land parcel is located on Bellary Road (NH-7) which has emerged as one of the fastest growing markets of the city with a lot of infrastructure developments and real estate projects coming up in the area.

This will be Godrej's 15th project in Bengaluru.

Pirojsha Godrej, Executive Chairman, Godrej Properties said: "Bangalore is a key market for us and this project addition fits well with our strategy of expanding our presence across the country's largest real estate markets."
Separately, JLL India said it has structured a marquee transaction between Godrej Properties and Royale Builders & Developers, which is one of the largest land aggregators in Bengaluru.
JLL India CEO & Country Head Ramesh Nair said: "North Bengaluru is one of the fastest-growing corridors in the city."
"Excellent connectivity to the airport and ready-to- move-in office spaces are the key drivers of demand in this market, which will see the development of about 10-15 million sq ft of office space over the next 5-7 years. This will bring with it an escalating demand for homes in this market," he added.

Godrej Properties is developing residential, commercial and township projects spread across about 142.79 million sq ft in 12 cities.