India-based real estate developers Godrej Properties (GPL), on Monday, said it has signed definitive agreements to construct a township project in North Bengaluru, under a profit-sharing model.
The project aims to provide clients with a high-quality living experience, modern amenities, and exceptional connectivity. GPL said the estimated booking value is expected to be ₹5,000 crore ($603.6 million) and the project will include about 5.6 million square feet of saleable space.
The company also said this area of land with access to the 8-lane highway, which connects to the central business district and other important areas of Bengaluru via the outer ring road-Hebbal.
GPL entered into a selling deal for land, comprising 62 acres in 2014, but construction was on hold at the time and it currently plans to initiate development on this arena in the coming fiscal year, added the real estate firm.
“We will aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, CEO of Godrej Properties.
In January, GPL purchased the 4-acre land parcel in the corridors of North West Bengaluru for an estimated revenue potential of ₹1,000 crore with the scope to increase to ₹1,250 crore.
Founded in 1990, Godrej Properties is a subsidiary of the conglomerate Godrej Group, headquartered in Mumbai, Maharashtra.
At the point of conversion, $1 = ₹82.84
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