Godrej Properties to Develop Luxury Apartments in North Bengaluru's Thanisandra.

Godrej Properties Limited, a prominent real estate developer, has acquired seven acres of land in Thanisandra, North Bengaluru, for the development of a luxury residential project featuring high-end apartments. The outright acquisition of this land is expected to pave the way for a project generating an estimated revenue of ₹1,200 crore.

Situated along Thanisandra Main Road, the land holds strategic importance, connecting northwards to Kempegowda International Airport, NH44 to the west, and Outer Ring Road to the south. The proposed project has a developable potential of nine lakh square feet.

Gaurav Pandey, MD & CEO of Godrej Properties, expressed optimism about the acquisition, stating, “Bengaluru has emerged as a mature real estate market with growing demand for residential developments. North Bengaluru, in particular, holds significant potential for us, and we are pleased to integrate this land parcel into our portfolio.”

Thanisandra, a burgeoning locality in North Bengaluru, is witnessing rapid growth in both commercial and residential real estate sectors. Pandey added, “Including North Bengaluru in our portfolio strengthens our foothold in Bengaluru and aligns with our strategy to expand in key micro markets across India’s major cities.”

Godrej Properties, a subsidiary of Godrej Industries, holds 58.48% of its equity shares as of March 31, 2024. The company’s recent activities include securing leasehold rights for an 11-acre land in Hinjewadi, Pune, announced on July 1, to develop a high-end retail project expected to generate revenue of ₹1,800 crore.

In a separate transaction in June, Godrej Properties divested a 5% stake in Godrej Green Homes (GGHPL) to Godrej Fund Management and Investment Advisors (GFMIAPL) for ₹46.70 crores.

HBL