Feb 1: Mumbai-based Godrej Properties Ltd (GPL), one of India’s leading real estate developers, on Thursday announced addition of its three new projects, two in Bangalore and one in Noida.
“GPL has entered into a joint venture with Sai Srushti Group to develop a 100 acres land parcel on NH-648 near Devanahalli Town in North Bangalore. This shall be Godrej Properties’ first plotted development project and it plans to develop approximately 2 lakh square meters (2.15 million sq. ft.) in the project,” the company said.
The second project, also in Bangalore, is a joint venture with the promoters of Lahari Music Group, south India’s biggest music group, to develop 17 acres of land, with the possibility of further extending the development up to 24 acres, in Electronic City Phase – I, abutting the main Wipro Campus in South Bangalore. Godrej Properties plans to develop a modern residential housing project of approximately 1.3 lakh square meters (1.4 million sq. ft.) with an option to further increase it to 2 million sq. ft., the company said. This will be GPL’s seventeenth project in Bangalore.
The third project is in the Noida Expressway micro market. GPL will develop a Group Housing Project under the Development Management model in partnership with the Ace Group. This project will offer approximately 1.6 lakh square meters (approximately 1.7 million sq. ft.) of saleable area and will be developed as a modern group housing development. This is GPL’s 3rd project in Noida and 11th project within the National Capital Region (NCR).
Commenting on the development, Pirojsha Godrej, Executive Chairman, Godrej Properties said, “we are happy to add these new projects in Bangalore and NCR. This fits well with our strategy of building our presence in the country’s leading real estate markets. We look forward to delivering outstanding projects across these locations.”
GPL shares were trading at Rs 809.95, up 0.93% from the previous closing of Rs 802.50, on BSE at 1.06 pm today.