Godrej Properties Unveils ₹5,000 Crore Township Project in Bengaluru
Godrej Properties has recently finalized definitive agreements for a substantial township project in North Bengaluru, covering an expansive 62-acre area. The estimated value of this project is a noteworthy ₹5,000 crore, with plans for development under a profit-sharing model. This venture is strategically located in a prime area of North Bengaluru and is expected to provide a total saleable area of 5.6 million square feet, primarily comprising premium residential apartments of various configurations.
Although the initial agreement for the land acquisition dates back to 2014, the commencement of development faced delays. In recent months, however, the development opportunity for this land has materialized, and the company now anticipates launching the first phase of development in the fiscal year 2025.
In addition to this, Godrej Properties has made other significant moves in the real estate sector. The company has successfully sold a 10% stake in five logistics parks, including Malur Logistics & Industrial Parks, Venkatapura Logistics & Industrial Parks, Kalina Warehousing, Panvel Warehousing, and Allcargo Logistics & Industrial Park. This indicates a strategic focus on optimizing its portfolio and capitalizing on emerging opportunities in the logistics sector.
Furthermore, the broader real estate landscape features notable developments, such as Marriott International's ambitious plans for double-digit growth, especially in tier 2 and 3 cities. There are also ongoing discussions within the GST Council regarding potential clarifications on tax exemptions related to the Real Estate (Regulation and Development) Act, commonly known as RERA.
'The Executive Centre' is set to expand its footprint in India by adding 3 lakh square feet in 2024, indicating optimism and growth prospects in the commercial real estate segment. Simultaneously, DRA Homes has outlined a comprehensive ₹2,000-crore plan for the fiscal year 2025, emphasizing significant investment and development initiatives in the real estate market.
Cover image- indiapropertydekho.com
