Godrej Properties has bought a prime 10 acre land in Bengaluru’s Yelahanka region which has a market value of around Rs.2,500 crore. The Mumbai based real estate developer made the announcement about the acquisition on Friday and revealed that the land will be developed into a premium residential project with high street retail.
The planned development will have about 1.5 msf of saleable area and will provide homes in various sizes to meet the needs of various home buyers. Bengaluru is still one of the strategic markets for Godrej Properties and there are many projects completed and under development in the city. The company has always concentrated on the mid-premium and aspirational luxury segments, and the projects are designed for professionals, families, and investors.
Yelahanka is a fast-growing micro-market and has seen a high demand for better standard houses, thus making it a good area for expansion. Godrej Properties has in the past developed Godrej Avenues in the same area and the project was delivered in 2021. The success of that project has led to more investment in the area.
It has competitors in the real estate sector, some of which are Prestige Group, Brigade Enterprises and Puravankara among national brands such as Macrotech (Lodha Group). This has led to developers looking for more land in the city’s most desirable areas to cash in on the increasing demand for high-end housing-something fueled by Bengaluru’s growing IT sector.
Godrej Properties’ shares also rose on the stock market, closing at ₹2,141 on the NSE on Friday, up 1.52%. Investors are expecting the company to do more in Bengaluru’s real estate market and they expect that the company has a bright future ahead of it.
