Developable potential of Godrej Properties new project approximately 3.4 million sq ft of saleable area with an estimated revenue of approximately Rs 2,000 crore.

The company informed in a BSE filing that Godrej Properties has entered into an agreement to develop a 33 acres land parcel along Bannerghatta Road in South Bengaluru. The agreement is for an outright purchase with about 5% area share to the landowners.

Mohit Malhotra, MD & CEO of the company, said, “This will further expand our presence in South Bengaluru and fits with our strategy of deepening our presence in key micro markets across India’s leading cities.”

The company had registered a growth of 171% in its net consolidated profit during the quarter ended December 31, 2020. It recorded profit after tax (PAT) of Rs 38.95 crore in Q3 FY22 as against Rs 14.35 crore it reported in the corresponding quarter previous fiscal. Its net consolidated income stood at Rs 466.91 crore in Q3 FY22.