Godrej Properties Buys 4-Acre Land in Yeshwanthpur, Bengaluru

Yeshwanthpur, Bengaluru

Godrej Properties Ltd recently announced its acquisition of a 4-acre land parcel in Bengaluru. The company plans to develop a luxury housing project on this land, anticipating revenue of Rs 1,000 crore from apartment sales.

Strategic real estate location in North-west Bangalore

The newly acquired land is situated in the strategically prime location of Yeshwanthpur, adjacent to National Highway-75. This location is among the most sought-after areas in Bengaluru and Yeshwantpur real estate has always been in demand.

Project Potential and Revenue Forecast

The project that is planned her by Godrej Properties is projected to offer approximately 0.7 million square feet of saleable area, primarily featuring premium residential apartments. Godrej Properties estimates the revenue potential of this project to be around Rs 1,000 crore. They also noted that an additional acquisition of 1-acre could expand the land to a 5-acre parcel, potentially increasing the revenue to Rs 1,250 crore.

Godrej Properties Enhancing Presence in Bengaluru

Gaurav Pandey, the MD & CEO of Godrej Properties, expressed his enthusiasm for the Yeshwanthpur area and the addition of this land to their portfolio. He emphasized that this acquisition reinforces the company's footprint in Bengaluru.

Maximum Land Acquisition

With a strong demand for housing, Godrej Properties is actively seeking multiple land parcels this fiscal year. Their goal is to accumulate land that could generate around Rs 15,000 crore in revenue post-development.

Previous Year's Acquisitions

Reflecting on the last fiscal year, the company was notably aggressive in land acquisitions, adding 18 new land parcels. These acquisitions have a combined sales potential of Rs 32,000 crore post-development.

Godrej's Focused Markets and Sales Performance

Godrej Properties concentrates on four key markets: Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, with additional projects in various locations. Pirojsha Godrej, the Executive Chairperson, had stated in an interview that the company is on track to meet its sales target of Rs 14,000 crore this fiscal. This target is underpinned by strong demand for its ongoing and upcoming housing projects.

Last fiscal year, the company sold properties worth Rs 12,232 crore.

In the first half of the current fiscal year, Godrej Properties has already seen a 48% increase in sales bookings, reaching Rs 7,288 crore.