Godrej Properties buys 82 acre land near Bengaluru city for Rs 135 cr from group firm

Realty firm Godrej Properties has acquired a 82 acre land parcel near Bengaluru city from its group company Godrej Agrovet for nearly Rs 135 crore.

In a regulatory filing, Godrej Agrovet has informed that it has entered into a sale deed with Godrej Properties Ltd for the transfer by way of sale of a land parcel measuring 82 acres and 29 Guntas (approx) for a consideration of Rs 134.68 crore.

The land is located at Tiruvaranga Village, Begur Village, Anugondanahalli, Hobli, Hoskote Taluka, Bangalore Rural District, Karnataka.

Both the companies has cancelled the development management agreement for the joint development of 100 acre of land at the same location.

Recently, Godrej Properties acquired 43.61 acres of land in Faridabad, Haryana, from local builder BPTP to expand its presence in the national capital region (NCR).

This project will offer about 1 million sq ft of plotted development.

In February this year, Godrej Properties acquired nearly 27 acre land parcel at Ashok Vihar in the national capital for Rs 1,359 crore to develop a luxury housing project.

Mumbai-based Godrej Properties, which is part of business conglomerate Godrej group, generally enters into joint ventures with landlords for the development of real estate projects. However, the company selectively opts for outright purchase of land if it finds value.