Mumbai, June 16: Realty firm Godrej Properties Ltd has partnered with a landowner to develop a 14-acre housing project in Bengaluru and it expects a revenue of Rs 1,500 crore from this upcoming property.
In a regulatory filing on Monday, the company informed it will develop a premium residential project on a strategically located 14-acre land parcel in Hoskote, East Bengaluru.
“The proposed development is expected to offer approximately 1.5 million (15 lakh) square feet of saleable area with an estimated revenue potential of about Rs 1,500 crore,” it added.
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Godrej Properties said this acquisition further solidifies the company’s continued expansion in East Bengaluru.
The company has entered into a joint development agreement (JDA) with a landowner to develop this project, sources said.
According to a property consultant, the land value for 14 acres will be around Rs 200 crore.
Godrej Properties acquires land outright as well as partners with landowners to expand its business.
Gaurav Pandey, MD and CEO of Godrej Properties, said, “Hoskote is an important micro market for us in East Bengaluru. It continues to demonstrate strong demand for high-quality housing and aligns with our vision of developing best-in-class residential communities.”
Earlier this month, Godrej Properties acquired 14-acre land in Pune for around Rs 800 crore to develop a housing project.
The company expects a revenue of Rs 4,200 crore from the Pune project, which has a developable potential of 3.7 million square feet.
Godrej Properties bought 14 land parcels last fiscal to build housing projects with revenue potential of about Rs 26,500 crore.
The company bought these land parcels, all outright, in Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR, Bengaluru, Kolkata, Ahmedabad and Indore.
During the 2024-25 fiscal, Godrej Properties sales bookings rose 31 per cent to a record Rs 29,444 crore from Rs 22,527 crore in the preceding year, making it the largest listed real estate company in terms of annual pre-sales.
Godrej Properties recently reported a 93 per cent jump in consolidated net profit to Rs 1,399.89 crore during 2024-25 from Rs 725.27 crore in the preceding fiscal.
Its total income grew to Rs 6,967.05 crore last fiscal, compared to Rs 4,334.22 crore in the 2023-24 fiscal. (PTI)
