Realty company Godrej Properties has purchased a 30-acre plot in South Bengaluru to create a township with projected earnings of approximately ₹3,500 crore. In October, the firm acquired a 26-acre land parcel in Sarjapur, Bengaluru to launch a housing project projected to generate ₹1,100 crore in revenue.
In a regulatory filing on Thursday, the company announced that it has obtained an extra 3.8-acre land parcel, which will generate ₹2,400 crore in extra revenue and allow for 2 million sq ft of further development potential. Through this acquisition, Godrej Properties Ltd aims to develop an expansive, high-end residential community.
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The total gross development value of this 30-acre township is ₹3,500 crore. The overall development capacity is 3 million sq ft in size.
"The increased potential is mainly a result of greater FSI permissibility throughout the whole land parcel, enabling the united 30 acres to be designed as a cohesive group housing development township," stated Godrej Properties.
Gaurav Pandey, MD & CEO of Godrej Properties stated that this expansion allows the company to establish a landmark community that embodies its vision for sustainable, integrated living. Godrej Properties is among the top real estate developers in the nation.
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