Godrej Properties adds a new residential project in Bangalore

DSIJ Intelligence / 21 Sep 2016

Godrej Properties adds a new residential project in Bangalore

Godrej Properties Limited (GPL) one of India's leading real estate developers, announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet).

Godrej Properties Limited (GPL) one of India's leading real estate developers, announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet).

This project will be developed in partnership with Godrej Residential Investment Program II. This is the second project under GRIP II, the US$275 million fund which was announced in March 2016.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 11.98 million square meters (129 million square feet) in 12 cities.

Real estate sector has been relatively sluggish for a couple of years now. With good monsoon and soft interest rate environment, it is expected that the sector may see some improvement in demand. 

Godrej Properties ended at Rs 338.60 per share on Wednesday. The stock has delivered 4.65 per cent returns over a one-year period.

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