Godrej Properties has bought a 15-acre land parcel in Sarjapur area of Bengaluru. Though Godrej Properties did not disclose the acquisition price, people in the know said it could be around Rs 225 crore, given that prices hover around Rs 15 crore per acre in the area.
Godrej plans to build residential apartments and the project will have an area of 1.6 million sq ft. For Godrej Properties, Bengaluru is a focused city and the developer already has residential projects here.
This is the third such land purchase by the Godrej group in recent months. Godrej Properties had bought 20 acres in Kalyan area of Mumbai recently. Further, Godrej Fund Management acquired a piece of land in Bengaluru from Century group for Rs 700 crore.
“We have acquired many land parcels and signed joint development pacts. We have to launch them. We are looking at new opportunities and will invest in them,” Pirojsha Godrej, chairman of Godrej Properties, had said in August.
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