Godrej Properties, the real estate development wing of the Godrej Group, has successfully secured a 4-acre land parcel in Bengaluru through an outright acquisition. This strategic move aligns with the company’s overarching plan to fortify its footprint in the bustling city.
The acquired land, as revealed in an exchange filing, is poised to become a lucrative venture with an estimated revenue potential of ₹1,000 crore. There is further potential for an increased revenue projection of ₹1,250 crore, contingent upon the additional acquisition of 1 acre.
According to the company’s statement, the upcoming project is expected to boast a developable potential of approximately 0.7 million square feet of saleable area, primarily comprising high-end residential apartments in various configurations.
Despite this positive development, as of 10:56 am, Godrej Properties’ shares exhibited a marginal decline of 0.25%, trading at ₹1,997.10.
