Godrej Properties has entered into a joint venture with Sai Srushti Group to develop a 100-acre land parcel near Devanahalli Town in north Bengaluru
Bengaluru: Godrej Properties Ltd (GPL) will develop three new projects, two in Bengaluru and one in Noida, including its first plotted land development.
The Mumbai-based firm has entered into a joint venture with Sai Srushti Group to develop a 100-acre land parcel near Devanahalli Town in north Bengaluru marking its first plotted development project, the developer said on Thursday.
Last year, Godrej Properties had said that it was planning to enter the plotted development space and build it as a separate vertical and asset class.
The other project in Bengaluru is a joint venture with the promoters of Lahari Music Group to develop 17 acres of land, with the possibility of further extending the development up to 24 acres, in Electronic City Phase – I, abutting the main Wipro Campus in South Bengaluru.
GPL plans to develop a residential housing project of around 1.4 million sq.ft with an option to increase it to 2 million sq.ft.
With these two projects, GPL would now have 17 projects in the city.
The third project is in the Noida Expressway micro market, where GPL will develop a group housing project, of around 1.7 million sq.ft, under the development management model in partnership with Ace Group.
This is GPL’s third project in Noida and 11th project in the National Capital Region (NCR).
“We are happy to add these new projects in Bengaluru and NCR. This fits well with our strategy of building our presence in the country’s leading real estate markets. We look forward to delivering outstanding projects across these locations,” said Pirojsha Godrej, executive chairman, Godrej Properties.
Source : livemint