Godrej Properties has signed a deal to build a 33-acre land parcel in South Bengaluru’s Bannerghatta Road. According to a BSE filing, the agreement is for an outright purchase, with the landowners receiving a 5% area share.
The new project has a developable potential of around 3.4 million sq ft of saleable area and is expected to generate around Rs 2,000 crore in revenue.
Mohit Malhotra, MD & CEO of the company, said, “This will further expand our presence in South Bengaluru and fits with our strategy of deepening our presence in key micro markets across India’s leading cities.”
During the quarter ending December 31, 2020, the company’s net consolidated profit increased by 171%. In Q3 FY22, it declared a profit after tax (PAT) of Rs 38.95 crore, compared to Rs 14.35 crore in the previous fiscal quarter. In the third quarter of FY22, the company’s net consolidated income was Rs 466.91 crore.
