The company announced three new projects, including two in Bangalore and one in NOIDA near Delhi.
The Bangalore projects are in Devanahalli in the north and in Electronics City in the south, and both involve Godrej Properties developing land provided by others.
The company has benefited from the stricter norms brought in by the Real Estate Regulatory Authority law, and has been able to capitalize on the transition of the real estate sector from an informal, tax-evasive one to a formal, tax-compliant business.
The third project announced today, in Noida near Delhi, is modeled on ‘development management’, which means that the company’s role is primarily to manage the construction and development of the property, rather than to own and sell it.
The Devanahalli, Bangalore project will be developed on 100 acres land on NH-648 provided by Sai Srushti Group in a plotted model.
The company, which usually focuses on apartments and high-rises, said this is its first plotted development project.
The project involves around 2 lakh square meters or 2.15 million sq. ft. of developed area. It will be GPL’s sixteenth project in Bangalore.
“North Bangalore has emerged as one of the fastest growing markets of Bangalore with multiple infrastructure and real estate projects coming up in the area.”
The site is in close proximity to Bangalore International Airport and the planned Aerospace SEZ and IT & Hardware Park, Devanahalli, it added.
The second Bangalore project is in Electronics City, and involves development of 17 acres of land, with the possibility of extending it to 24 acres. The project is a joint venture with the promoters of Lahari Music Group, “South India’s biggest music group”, it said.
The plot is located in Electronic City Phase – I, abutting the main Wipro Campus in South Bangalore.
The company said it plans to develop a “modern residential housing project” of approximately 1.3 lakh square meters or 1.4 million sq. ft. with an option to further increase it to 2 million sq. ft..
“The Electronic City micro-market has emerged as one of the fastest growing markets in Bangalore with a lot of infrastructure developments and real estate projects coming up in the area,” the company said.
The site is next to offices of several leading companies including Wipro, HCL, and Infosys.
“It offers good connectivity to the Electronic City flyover, Nice Ring road, Silk Board junction, Hosur main road via Wipro avenue road, and the upcoming E-city Metro Station,” it said.
It will be Godrej Properties’ seventeenth project in Bangalore.
The third project is in the Noida Expressway market.
The company will develop a Group Housing Project under the Development Management model in partnership with the Ace Group.
This project will offer approximately 1.6 lakh square meters (approximately 1.7 million sq. ft.) of saleable area and will be developed as a modern group housing development, it said.
“This project is located in one of the most promising locations in Noida with easy access from the Noida Expressway and Noida metro.”
It will be the company’s third project in NOIDA and its 11th project within the National Capital Region (NCR).
“Within seven years of entering the NCR market, GPL has established itself as one of the market leaders in Gurgaon and hopes to replicate this success in other parts of NCR,” the company said.
Pirojsha Godrej, executive chairman of the company, said the new projects are part of the company’s strategy of expanding across the country.