News Point: Godrej Properties will develop a residential project in Sarjapur, East Bangalore, and another one in Devanhalli, North Bangalore.
In a slow moving market where the focus of the developers is to clear the inventory than new launches, Godrej Properties has bucked the trend with two back-to-back launches in Bangalore.
Godrej Properties has entered into a Development Management Agreement with Manyata Developers Private Limited to develop a group housing project in East Bangalore.
The first phase of the project is spread over 16 acres and will offer approximately 125,000 square metres (1.35 million sq. ft.) of saleable area.
The total project is expected to offer approximately 437,000 square metres (4.7 million sq. ft.) spread over 53 acres.
The project will be developed as a modern residential development comprising of apartments of various configurations.
The location is well connected to key IT Hubs of Sarjapur Road, Whitefield, Outer Ring Road and Electronic City. This will be fourteenth project of Godrej in Bangalore.
Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Bangalore. Bangalore is a key market for us and this project fits with our strategy of deepening our presence across the country’s leading real estate markets.”
Godrej Properties has entered into another joint venture with Royale Builders and Developers to develop a 13 acres land parcel on Bellary Road (NH-7) in North Bangalore.
The developer plans to develop a modern residential group housing project of approximately 1,25,000 square meters (1.34 million sq. ft.).
Pirojsha Godrej, said, “We are happy to add this new project in a great location in Bangalore. Bangalore is a key market for us and this project addition fits well with our strategy of expanding our presence across the country’s largest real estate markets.”
The Bellary road micro-market has emerged as one of the fastest growing markets of Bangalore with a lot of infrastructure developments and real estate projects coming up in the area.
The site is in close proximity to Bangalore International Airport, Aerospace SEZ and IT & Hardware Park, Devanahalli. It offers good connectivity to the key commercial and industrial catchment areas of Devanahalli, Hebbal and Yeshwantpur. This will be GPL’s fifteenth project in Bangalore.
