Karnataka capital Bengaluru is all set to get yet another luxury project, this time from Godrej Properties, in the sophisticated locality of Yeshvantpura.
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The realty giant announced in a filing on Tuesday that it has bought a land parcel measuring four acres in the area, where it will develop premium residential apartments.
The company added that the project is estimated to generate a revenue of ₹1,000 crore from sales. The project site, located close to National Highway-75 in the luxury locality, has about 0.7 million square feet (sqft) of saleable area that can be developed, the firm said, according to news agency PTI.
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The revenue potential of the project could also increase to ₹1,250 crore if the company manages to buy another acre of adjoining land, it said. “Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio. This acquisition will further strengthen the company’s presence in Bengaluru,” Godrej Properties’ MD & CEO, Gaurav Pandey said, as quoted by the agency.
Godrej Properties, a unit of the broader Godgej Group, is a key developer in the country. It mainly focuses on four metropolitan cities, namely, Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune, for its projects.
North Bengaluru sees tremendous demand in housing, office space leasing and rentals, with several property developers flooding the region with apartment, villament and other luxury projects.
