Seven acres land parcel acquired by Godrej Properties in Bengaluru

As stated in the regulatory filing, the company shows projections of estimated developable potential of approximately 0.6 million sq. ft. of saleable area under the project and will have an estimated booking value potential of approximately Rs 750 crore.

Godrej Properties, a known name in Indian real estate has acquired a land parcel located in the vicinity of Indiranagar, Bengaluru. Spread across approximately 7-acres, the project is estimated to have a developable potential of approximately 0.6 million sq. ft. of saleable area, the company said in a BSE filing.

Mohit Malhotra, MD & CEO of the company said, “Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for high-end residential development. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities.”

The company had recently acquired half acre of land parcel from the Karam Chand Thapar (KCT) Group to develop a luxury project near Carmichael Road, Mumbai. This project has an estimated booking value potential of approximately Rs 1,200 crore.

The company recently reported 154 per cent growth in its net consolidated profit during the quarter ended June 30, 2022. Its profit after tax (PAT) stood at Rs 43.30 crore in Q1 FY22 as against Rs 17.03 crore it registered in the corresponding quarter in the previous fiscal.

Its net consolidated income stood at Rs 426.40 crore in Q1 FY23, a growth of 62.75 per cent from Rs 261.99 crore it recorded in the similar quarter last year.

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