Godrej Properties buys land in Whitefield, Bengaluru

Godrej Properties has snapped up a chunky 18-acre parcel of land in Whitefield, Bengaluru at an estimated price of Rs 250-300 crore.

The transaction, introduced on Tuesday, despatched the corporate’s share value hovering to a lifetime excessive of Rs 1,256.55 on the BSE. The inventory has gained 27.1% to date this 12 months in opposition to the Sensex’s achieve of 10.6%.

The land buy is according to the altering technique at Godrej Properties the place, together with three way partnership (JV) and joint improvement (JD) fashions, the corporate can also be buying land parcels.

Mohit Malhotra, MD and CEO, Godrej Properties, had not too long ago advised FE the corporate now plans to accumulate land in an opportunistic method. Whereas 80% of the enterprise will nonetheless be by means of JV and JD mannequin, the agency is open to land acquisitions at distressed valuations, he stated.

The undertaking will supply 2.4 million sq ft of saleable space primarily comprising residential flats of varied configurations as a part of a mid-range township.

Pirojsha Godrej, government chairman, Godrej Properties, stated Bengaluru was a key marketplace for the corporate and that the undertaking fitted in with the enterprise technique.

Whitefield is the biggest industrial and residential actual property market in Bengaluru and the land is located close to the proposed Metro line connecting Whitefield to Hopefarm Junction. Of the overall 15,020 properties launched in Bengaluru in 2020 until September, branded builders like Godrej Properties account for almost all 63% share. The undertaking, slated to be accomplished within the subsequent five-six years, will ship roughly 1,600 items.

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