Godrej Properties Acquires 82 Acre Land From Group For Rs 135 Cr

New Delhi: Mumbai-based Godrej Properties Ltd (GPL) has acquired 82 acre land from its group company Godrej Agrovet near Bengaluru for Rs 135 crore. 

This land is at Tiruvaranga Village, Begur Village, Anugondanahalli, Hobli, Hoskote Taluka in Bangalore Rural District. Both 

Godrej Agrovet inked a sale deed with GPL for the transfer by way of sale of this land piece for Rs 134.68 crore, the former said in a regulatory filing.

GPL and Godrej Agrovet have cancelled development management agreement entered into by them for joint development of a 100 acre land parcel at the same place. This development management agreement was signed between GPL and Godrej Agrovet in June 2016. 

The company had said in December 2019 that it will develop four projects in Bengaluru and Mumbai. For the purpose, GPL inked a joint venture with the promoters of Universal Builders in KIADB Hardware Park, Bagalur, North Bengaluru. This project which has to be developed with Universal Builders would have affordable houses with developable area of 3 million sq ft spread over 22 acres of land.

The company has sold about 36 lakh sq ft in the first half of the current fiscal as compared to 22.3 lakh sq ft in the same period of the last fiscal, an increase of 61 percent. The booking value of the area sold has jumped 44 percent from Rs 1,627 crore in the first half of the last financial year to Rs 2,343 crore in the same period of the current fiscal.