Godrej Properties, the real estate arm of the Godrej Group, has entered into a Development Management Agreement (DMA) with Manyata Developers of Bengaluru to develop a develop a 4.7 mln sqft housing project at Sarjapur in east Bengaluru. With this project, Godrej Properties will be working on its fourteenth project in the city.
“We are happy to add this new project in Bangalore. Bangalore is a key market for us and this project fits with our strategy of deepening our presence across the country's leading real estate markets,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
The whole project has been planned to be completed in phases. The first phase of the project is spread over 16 acres and will offer around 1.35 mln sqft saleable area. The total project is expected to offer around 4.7 million sq ft spread over 53 acres. The project is intended to be developed as a modern residential enclave comprising apartments of all configurations.
Godrej Properties has been working assiduously to expand its operations for the last few months. The prolonged slowdown in the real estate sector has thrown up several distressed opportunities for established companies such as Godrej Properties.
Just two weeks ago, it entered into a JV with Mumbai-based realty firm Nirmal Ventures to develop a 2.1 mln sqft residential project on 14 acres in Thane near Mumbai.
Between April and July, Godrej Properties finalized land parcels—three in the National Capital Region (NCR) and one in Bengaluru. These were a mix of outright buys and joint development deals. Before the Nirmal deal, Godrej bought a 14.8-acre land on Dwarka Expressway from BPTP under the Godrej Residential Investment Program II (GRIP-II), a $275 million fund.