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Bangalore key market - Pirojsha Godrej

Godrej Prop to develop 24,00,000 sq ft homes @Whitefield (Updated)

ANAROCK is deal maker for 18 acres in prime Bangalore area

Pirojsha Godrej, Executive Chairman, Godrej Properties said “Bangalore 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.”

Mumbai, Dec 08 (BNC Network) Realty brand Godrej Properties Ltd. (GPL) announced that it has entered into an outright transaction to purchase a well located 18-acre parcel in Whitefield, Bangalore.

Leading independent real estate consultancy ANAROCK has facilitated the deal representing both the buyers and the sellers in this outright land acquisition.

The project, once developed, will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configurations.

Pirojsha Godrej, Executive Chairman, Godrej Properties said “Bangalore 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.”

Whitefield is the largest commercial and residential real estate market in Bangalore and this land parcel is situated near the proposed metro line connecting the area to Hopefarm Junction. The offers well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.

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% 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 organized realty players are expected to acquire land in prime residential corridors in the coming months"

Over the last decade, Whitefield’s skyline has metamorphosed significantly into tall skyscrapers and big residential communities. The housing demand in this region is primarily driven by the IT professionals working in nearby office complexes. Whitefield’s residential real estate growth has also benefitted from the saturation of core areas of the city, significant rise in IT/ITeS and retail spaces in and around the locality, availability of land parcels for large-scale developments and the presence of excellent physical infrastructure.

The superlative connectivity to the central business district, the upcoming metro corridor from Byappanahalli to Kadugodi under the phase-II of Namma Metro, and the proposed eight-lane peripheral road that connects Whitefield to other arterial roads of the city enhances the real estate potential of this region. Overall, Whitefield has earned its label ‘the jewel of the eastern suburbs’.

Whitefield also provides easy access to all social infrastructure facilities including schools and colleges, shopping malls as well as hospitals. Land prices here have appreciated considerably in recent times on the back of surging demand for housing options in areas in and around Whitefield.

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