PE arm of Godrej Properties may buy 1 mn sq ft commercial space in in Bengaluru from Puravankara

New Delhi: The PE arm of Mumbai-based Godrej Properties Ltd- Godrej Fund Management (GFM) is in final stages of discussion with another realty player Puravankara of acquiring 1 million square feet in Bengaluru.

The 1 million square feet is a commercial property located in Byappanahalli locality of Bengaluru. The deal size is estimated to be close to Rs 1,200 crore, according to a report in Business Standard newspaper. 

The deal will be in th form of a forward purchase agreement. Under this, the seller of the property aggress to sell the property at a decided future date on a pre-agreed price after competing the construction. 

In October 2020, Godrej Properties purchased 15 acre land parcel in Bengaluru for a residential.