Godrej Properties acquires 7-acres land parcel in Bengaluru's Indiranagar extension; Stock jumps 1.5%

28 Sep 2022 , 12:30 PM

Godrej Properties Ltd. (GPL) on Wednesday has announced that it has acquired a land parcel that is strategically located in the immediate vicinity of Indiranagar and is close to the Old Airport Road and within the Outer Ring Road limits.

The project is spread across approximately 7-acres and is estimated to have a developable potential of approximately 0.6 million square feet of saleable area and will be developed as a premium residential project comprising apartments of various configurations.

In addition, the land is in close proximity to major office spaces in CBD-Bengaluru, commercial catchments of Old Airport Road, Outer Ring Road – Whitefield, and Sarjapur belt along with residential hubs such as Indiranagar, Marathahalli, and Domlur.

“Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with rising demand for high-end residential development. Indiranagar is prominent micro market for us, and we are happy to add this land parcel to our portfolio. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities,” said Mohit Malhotra, MD & CEO, Godrej Properties.

At around 12:36 PM, Godrej Properties Ltd is currently trading at Rs1,173.95 per share up by Rs17.7 or 1.53% from its previous closing of Rs1,156.25 per share on the BSE.

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