Godrej Properties Ltd, on Friday, announced that it has bought 16 acres of land in Sarjapur, Bengaluru to develop a mid-income project.
The company has neither disclosed the deal value nor the name of the seller.
According to the firm, the project has a developable potential of roughly 1.5 million square feet of saleable space, with the majority of the units being residential flats in various layouts. The location is conveniently located near the Sarjapur main road and has a well-developed social and civic infrastructure, including various schools, hospitals, retail, residential, and commercial areas in proximity.
“Infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group. Sarjapur is an important micro-market for us and we are happy to add this land parcel to our portfolio. This will further expand 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.