Godrej Properties buys land in Bengaluru for 1.6 mn sq ft housing challenge

Godrej Properties has purchased a 15-acre land parcel in Sarjapur space of Bengaluru. Although Godrej Properties didn’t disclose the acquisition value, folks within the know stated it could possibly be round Rs 225 crore, provided that costs hover round Rs 15 crore per acre within the space.

Godrej plans to construct residential flats and the challenge can have an space of 1.6 million sq ft. For Godrej Properties, Bengaluru is a targeted metropolis and the developer already has residential tasks right here.

That is the third such land buy by the Godrej group in latest months. Godrej Properties had purchased 20 acres in Kalyan space of Mumbai just lately. Additional, Godrej Fund Administration acquired a bit of land in Bengaluru from Century group for Rs 700 crore.

“We’ve got acquired many land parcels and signed joint improvement pacts. We’ve got to launch them. We’re taking a look at new alternatives and can spend money on them,” Pirojsha Godrej, chairman of Godrej Properties, had stated in August.

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