Godrej Properties Ltd., said on Friday that it acquired approximately 10 acres of land in Yelahanka, Bengaluru, with the revenue potential of Rs 2,500 crore, according to an exchange filing posted on NSE on Friday.
The real estate company reported that land may be used to establish 'premium residential development' and 'high street retail'.
"This project is estimated to have a developable potential of approximately 15 lakh square feet of saleable area, comprising primarily of premium residential development of various configurations and high street retail, with an estimated revenue potential of approximately Rs 2,500 crore," the firm said in its filing.
Godrej Properties did not reveal the details of the seller. However, Indian Hume Pipe disclosed in a separate exchange notification that it sold 10 acres in North Bengaluru to Godrej Properties for Rs 559 crore. Notably, Indian Hume Pipe didn't specify the exact location, whereas Godrej Properties identified it as Yelahanka.
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Yelahanka is regarded as a prominent hub for premium residential housing due to it's proximity to many offices and workplaces, along with the increasing presence of educational institutions, it is also near many green spaces and lakes such as Puttenahalli Lake, (which was recently declared a bird sanctuary).
It is also noted for it connectivity, due to National Highway NH 44 passing through the area, along with metro and railway stations.
Last month, Godrej Properties reported that it had made upto Rs 1,000 crore after the launch of its residential project, Godrej Evergreen Square in Hinjewadi, Pune.
The project oversaw the sale of upto 1,398 homes, covering a net area of approximately 1.23 million square feet since its commencement in November 2024, four months after the land was acquired.
Shares of Godrej Properties Ltd. closed 1.66% higher at Rs 2,143.95 per share, compared to a 0.69% uptick in the benchmark Nifty.
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