Godrej Properties Acquires 28 Acres of Land Near Whitefield in Bangalore

Godrej Properties Acquires 28 Acres of Land in Bangalore 

Godrej Properties, the real estate development division of Godrej Group, has purchased a 28-acre land piece in Bangalore for the construction of a mixed-use complex comprising of residences and retail space. The land purchase is consistent with the company's strategy to enhance its footprint in India's important real estate markets.

Godrej Properties plans mixed-use development; land in Whitefield is valued at more than INR 20 crore per acre.

According to the real estate development company, the property piece is situated between Outer Ring Road and Whitefield, an area recognised for its technological parks, premium residences, retail, and entertainment centre. According to local real estate agents, the price per acre of land in the Whitefield neighbourhood is presently more than INR 20 crore. Nevertheless, the corporation has not announced the specific contract amount.

Godrej Properties has recently bought the mansion of Bollywood producer, director, and actor Raj Kapoor in the Mumbai district of Chembur in order to create a luxury residential complex.

The Godrej Group company has sought to utilise its brand and financial position to capitalise on consolidation possibilities in the real estate industry via outright purchases, partnerships, and distress situations.

Godrej Properties added nine new projects with an estimated saleable area of roughly 17 million square feet and a potential booking value of INR 23,050 crores for the quarter ending in December. Three of these projects are located in the Mumbai area, two in Gurgaon, two in Noida, and one each in Pune and Kurukshetra.

In January of 2023, Godrej Properties purchased a 60-acre land lot in the Chennai micromarket of Oragadam Junction outright. It intends to initiate a residential planned development project on this Chennai land parcel with an estimated development potential of 1.6 million square feet of saleable space. Experts predict that market consolidation in favour of major developers will gain pace due to their superior execution abilities and liquidity availability.