Godrej Properties Ltd, a listed company in the Godrej group, is planning to develop a residential township near Sarjapur in East Bengaluru.
This would be its second such project since 2009 in the country. It has already entered into a partnership with Godrej Agrovet.
“We are planning this project with our sister concern,” Mr. Sriram Iyer, Business Head, South & East, GPL said in an e-mail interview . The proposed township would have a ‘developable’ potential of up to 830,000square metres (or about 9 million square feet) and would be implemented as a modern residential development in multiple phases, he said.
The location is seen to be well-connected to the key IT hubs of Whitefield, Outer Ring Road and Electronic City, enabling it to benefit from a well-developed social and physical infrastructure. “This makes it a self-sustaining cluster,” Mr. Iyer said.
The project would be developed under the Development Management Model with Godrej Agrovet.
He said that its first township project in Ahmedabad in 2009, Godrej Garden City, was a mix of commercial, residential and retail properties. In the 1990s , the group did several large projects which were primarily residential with a small retail component catering to the residents’ requirement.
Earlier this month, the Mumbai-based real-estate developer announced another smaller residential project off Sarjapur road in South Bengaluru on a 12-acre land parcel. The Group considers Benagluru a key-market.
Property consultants, Cushman & Wakefield had said in its first quarter review of real estate scene on new launches, that Bengaluru and Hyderabad were the only two cities which had bucked a trend of sluggish demand for office space. In residential segment too, Bengaluru accounted for 20 per cent of the residential launches with a sizeable number of large scale project launches.
The company is also planning to develop a large 21-acre plot in West Kolkata, which it plans to develop with display advertising firm Selvel. It already has a major presence in the city’s real estate scene.
GPL is currently developing residential, commercial and township projects across approximately 11.98 million square meters (129 million square feet) in 12 cities. GPL has a diversified portfolio spanning across residential, commercial and township projects although residential development is its focus area with the positioning varying between mid-priced to premium offerings. It also has affordable housing in some of its large projects.
Godrej Industries Ltd, the group flagship, holds 69.4 per cent of GPL’s equity. GPL clocked a Rs 45.8 crore profit on a Rs 116.1 crore revenue in the first quarter (standalone).
