Godrej Properties acquires 7-acres land parcel in Bengaluru's Indiranagar extension; Stock jumps 1.5%

Godrej Properties Ltd (GPL) announced on Wednesday that it has acquired a plot of land strategically located in the immediate vicinity of Indiranagar, near the Old Airport Road and within the boundaries of the Outer Ring Road.

The project is spread over an area of approximately 7 acres and is estimated to have a scalable potential of approximately 0.6 million square feet of salable area and will be developed as a luxury residential project comprising apartments in different configurations.

In addition, the land is in close proximity to the main office spaces of CBD-Bengaluru, the commercial catchments of Old Airport Road, Outer Ring Road – Whitefield, and the Sarjapur belt along with residential hubs such as Indiranagar, Marathahalli and Domlur.

“The availability of land plots and infrastructure development has transformed Bengaluru into a mature real estate market with increased demand for high-end residential development. Indiranagar is an outstanding small market for us and we are pleased to add this plot of land to our portfolio,” said Mohit Malhotra, Managing Director and CEO of Godrej Properties. This will enhance our presence in Bengaluru and complement our strategy of deepening our presence in major small markets across leading Indian cities.

At around 12:36 PM, Godrej Properties Ltd is currently trading at Rs 1,173.95 per share, up Rs 17.7 or 1.53% from the previous close of Rs 1,156.25 per share on the Bahrain Stock Exchange.

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