Godrej Property inks pact to develop a 33-acre project in Bengaluru; stock goes up

28 Mar 2022 , 02:51 PM

Godrej Properties Limited, India’s leading real estate developers, announced that the company has entered into an agreement to develop a 33-acre land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The agreement outlines an outright purchase with ~5% area share to the landowners.

“Bannerghatta Road is a crucial micro-market within Bengaluru and we are pleased to add this land parcel to our portfolio. This will further strengthen our presence in South Bengaluru and is in line with our strategy of deepening our presence in key micro markets across India’s leading cities.”

Bannerghatta Road is one of the well-developed residential locations in South Bengaluru and offers excellent connectivity to the Bannerghatta Main Road and the IT/ITES belt in Electronic City. It is also in close proximity to several other key hubs of the city and offers an extremely well-developed social and civic infrastructure with hospitals, retail, school, residential, and commercial spaces in close proximity.

Godrej Properties is currently trading at Rs1,633 up by Rs11.4 or 0.7% from its previous closing of Rs1,621.60 on the BSE. The scrip touched an intraday high and low of Rs1,651.15 and Rs1,598.60 respectively.