Realty firm Godrej Properties Ltd on Friday said it has bought a 16-acre land parcel in Bengaluru to develop primarily residential properties, as part of its strategy to expand business in major cities.
The company did not disclose the deal value as well as the name of the seller.
In a regulatory filing, Godrej Properties, which is one of the country's leading real estate developers, informed that it has purchased a land measuring approximately 16 acres at a strategically located and fastest developing micro-market of Sarjapur to develop a mid-income project.
The project is estimated to have a developable potential of about 1.5 million square feet saleable area, comprising primarily residential apartments of various configurations.
Sarjapur is one of the most preferred residential locations in Bengaluru and also has excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city.
Mohit Malhotra, MD & CEO, Godrej Properties, said, "infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group."
Sarjapur is an important micro market for the company, he added.
"This will further expand our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India's leading cities," Malhotra said.
Godrej Properties' sales bookings rose 18 per cent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand for its residential properties in Delhi-NCR.
The sales bookings had stood at Rs 2,605 crore in the corresponding period of the last financial year.
Mumbai-based Godrej Properties is part of the business conglomerate Godrej Group. It has a strong presence in Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune markets.