Godrej Properties has purchased approximately 18 acres of a land parcel to develop a residential project in Whitefield, Bengaluru, the company said in a media release.
The project will offer 2.4 million sq ft of the saleable area comprising primarily of residential apartments of various configurations. Godrej Properties has been purchasing land in major cities including Delhi-NCR, Mumbai, Bengaluru, and Pune.
In October, Godrej Properties bought about 15-acre land in Bengaluru while in September, it acquired 20-acres of land in Kalyan, Mumbai. The company had in March acquired 43.61-acres of land in Faridabad from BPTP.
The company had reported a 78 percent dip in its consolidated net profit for the second quarter of this financial year. Its profit after tax (PAT) stood at Rs 7.10 crore as against Rs 31.57 crore it recorded in the similar quarter last year.
Its net debt rose 56 percent during the July-September 2020 period to Rs 2,733 crore from Rs 1,752 crore at the end of the June quarter.