Godrej Properties, Mumbai-based real estate developers, has entered into an outright transaction to purchase a well-located land parcel in Whitefield, Bengaluru. Real estate consultancy Anarock facilitated the land deal.
The property is spread across 18 acres, and the project will offer 0.22 million square meters (2.4 million square feet) of saleable area consisting primarily of residential apartments of various configurations, the company said in a release.
Whitefield is the largest commercial and residential real estate market in Bengaluru and the land parcel is situated near the proposed metro line connecting Whitefield to Hopefarm Junction. “The site is well-located and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity,” a release by the company said.
Pirojsha Godrej, Executive Chairman, Godrej Properties, said, “We are happy to add this new project in Bengaluru. The city is a key market for us and this project fits well with our strategy of deepening our presence across the country’s leading real estate markets.”
Anarock represented both the buyers (Godrej Properties) and the sellers in this outright land acquisition of the land.
Ritesh Srivastava, SVP - Land Services, Anarock Property Consultants, said, “The timing for this plot’s acquisition for residential development is impeccable, considering the massive demand for quality housing in Bengaluru post the lockdowns. Of the total 15,020 homes launched in Bengaluru in 2020 till September, branded developers like Godrej Properties accounted for a massive 63 per cent share. This clearly indicates that homebuyers in India’s Silicon Valley are focused on quality and execution certainty. The current interest rate cycle is also turning favourable for the housing sector, wherein more and more organised realty players are expected to acquire land in prime residential corridors in the coming months.”