Can you tell me about the Bengaluru property that Godrej Properties is developing?

Godrej Properties has purchased a 16-acre land parcel in Bengaluru with a view to developing residential properties. This is part of the Godrej strategy to expand its footprint much beyond its core Mumbai presence. However, the value of the deal or the name of the seller were not disclosed by Godrej Properties. The property was purchased in the rapidly developing micro market of Sarjapur and will cater to the middle income groups.

As per early estimates, the total project is estimated to have developable potential of about 1.50 million SFT worth of saleable area. This will include residential apartments of various configurations, sizes and formats. Incidentally, Sarjapur is fast emerging as a preferred residential location due to its proximity to the IT and ITES belt at Bellandur. Bengaluru is one of the fastest growing property markets in India due to the IT / ITES boom.

Godrej has been seeing tremendous traction in the last couple of quarters. In the Sep-21 quarter, sales bookings were up 18% at Rs.3,072 crore on the strength of higher demand for its residential properties. Godrej Properties is part of the 100 year old Godrej group and has a very robust presence in Delhi-NCR, Mumbai Metropolitan Region and Pune. Bengaluru is the market that Godrej Properties has been expanding aggressively in last few quarters.