Godrej Properties Buys Seven-Acre Plot In Bengaluru’s Indiranagar Area

Shares of Godrej Properties Ltd. gained after it bought a seven-acre land parcel in a prime Bengaluru location with estimated booking value potential of around Rs 750 crore.

The land parcel is located in Indiranagar Extension and is close to the Old Airport Road and within the Outer Ring Road limits, the real estate developer said. It is also in close proximity to major office spaces in CBD-Bengaluru and several commercial and residential catchments of what is touted as the ‘Silicon Valley’ of the country, it said.

“The project is estimated to have a developable potential of approximately 6 lakh square feet of saleable area and will be developed as a premium residential project comprising apartments of various configurations,” the company said in its press release.

The company didn’t mention how much it shelled out for the land, but said it sees a booking value potential of Rs 750 crore, based on current business assumptions.

“Indiranagar is an important micro market for us and we are happy to add this land parcel to our portfolio,” said Mohit Malhotra, chief executive officer of the company. “This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities.”

Queries sent to Godrej Properties didn’t elicit a response immediately.

Shares of the company gained as much as 2.2% during afternoon trade on Wednesday.

Of the 21 analysts tracking the company, seven maintain ‘buy’, five suggest ‘hold’ and nine recommends ‘sell’, according to Bloomberg data. The 12-month consensus price target implies an upside of 28.9%.