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Godrej Properties(GPL) has purchased a land measuring approximately 16 acres at Sarjapur, Bengaluru to develop a mid-income project, the company said in a BSE filing.
The project is estimated to have a development potential of approximately 1.5 million sqft saleable area comprising primarily of residential apartments of various configurations.
Mohit Malhotra, MD & CEO of the company said, "Infrastructure development in Bengaluru has increased demand for housing, especially from the mid and upper-mid income group. This will further expand our presence in Bengaluru and complements our strategy of deepening our presence in key micro markets across India's leading cities."
Godrej Properties reported a 403 percent increase in its consolidated net profit for the quarter ended September 2021. Its Profit After Tax (PAT) stood at Rs 35.72 crore in Q2 FY22. The company's net consolidated total income stood at Rs 334.22 crore in the said quarter.