Godrej Properties (GPL) has entered into an agreement to develop a large township project in North Bengaluru with a land owning entity under a profit-sharing model. The estimated revenue from the project which is spread over 62 acres, is expected to be around Rs 5,000 crore. 

The project will offer around 5.6 million sq. ft. of saleable area, comprising primarily premium residential apartments of various configurations. This land parcel is strategically located in a prime location in Bengaluru which affords connectivity to the Kempegowda International Airport, upcoming Metro station, upcoming residential and commercial developments, special economic zone (SEZ), and social infrastructure. Further access is provided by an eight-lane highway connecting to the central business district (CBD) and other key parts of the city through the Outer Ring Road – Hebbal.

Over the past few months, the 62-acre development opportunity has crystallised, and the developer now expects to launch the first phase of development in the upcoming financial year. An agreement for sale of land, including this 62 acres was entered into in 2014. However, development did not commence at the time.

GPL has recently acquired a 6.45-acre group housing plot in Sector-44, Noida for a total bid value of Rs 506 crore through an e-auction.