Godrej Properties to develop luxurious flats in North Bengaluru’s Thanisandra

Godrej Properties Restricted, an actual property developer, has acquired seven acres of land in Thanisandra, North Bengaluru. The land acquired outright will accommodate the development of a luxurious residential undertaking that includes high-end flats in numerous configurations. The undertaking is estimated to generate a income of ₹1,200 crore.

The land is positioned in a high-potential space alongside Thanisandra Predominant Street, connecting northwards to the Kempegowda Worldwide Airport, NH44 within the west, and Outer Ring Street within the south. The proposed undertaking is estimated to have a developable potential of 9 lakh sq. toes.

“Availability of land parcels and infrastructure growth has turned Bengaluru right into a mature actual property market with elevated demand for residential growth. North Bengaluru is a crucial marketplace for us, and we’re blissful so as to add this land parcel to our portfolio,” stated Gaurav Pandey, MD & CEO of Godrej Properties.

Thanisandra, positioned in North Bengaluru, is experiencing business and residential actual property development. “Together with North Bengaluru in our portfolio will additional strengthen our presence in Bengaluru and complement our technique of deepening our presence in key micro markets throughout India’s main cities,” added Pandey.

Godrej Properties, a subsidiary of Godrej Industries, is the true property wing of the Godrej Group. As of March 31, 2024, Godrej Industries held 58.48 per cent of its fairness shares. 

This announcement got here after Godrej introduced its leasehold rights in regulatory funding for 11-acre land in Hinjewadi, Pune, on July 1. The corporate stated it should develop a high-end retail undertaking with an estimated income of Rs 1800 crores. 

In June, it offered a 5 per cent stake held by it in fairness share capital of Godrej Inexperienced Properties (GGHPL) to Godrej Fund Administration and Funding Advisors (GFMIAPL) at a worth of 46.70 crores.