It signed a Development Management Agreement with Manyata Developers Private Limited to develop a group housing project in the East Bangalore locality.
Development Management Agreements are usually signed when the owner of the land has no appetite, or inclination for developing a property and instead wishes to hand it over to someone else for development.
Manyata Developers, founded by Reddy Veeranna, is a mid-sized real estate company in the IT city and has even developed IT parks.
Godrej is among the few big real estate companies that continue to remain cash rich, and has been tying up with other players such as Nirmal Lifestyle to develop their properties.
The first phase of the Sarjapur project is spread over 16 acres and will offer approximately 125,000 square metres of saleable area, the company said.
The total project is expected to offer approximately 437,000 square metres spread over 53 acres.
The project will be developed as a modern residential development comprising of apartments of various configurations, it added.
“The location is well connected to key IT Hubs of Sarjapur Road, Whitefield, Outer Ring Road and Electronic City. This will be GPL’s fourteenth project in Bangalore,” it said.
Pirojsha Godrej, Executive Chairman, Godrej Properties said: “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.”
Godrej Properties is currently developing residential, commercial and township projects spread across approximately 13.82 million square meters (141.45 million square feet) in 12 cities.
Godrej Properties is part of the Godrej manufacturing group. The group took advantage of rising real estate prices in Mumbai to launch itself into the business by taking advantage of its extensive property holding within the city, particularly in Vikhroli and Ghatkopar.