Godrej Properties, the real estate arm of the Godrej group, has initiated two projects worth Rs 850 crore in Bangalore.
The company's Bangalore entry is through Godrej Woodsman Estate, a 2.3 million square feet residential project being built in phases. The project is located on 15 acres about 1 km from Hebbal flyover on the Bellary Road.
The land for this project was acquired from Amco Batteries three years ago.
"Godrej Woodsman Estate encompasses seven towers, each 16 storeys, housing nearly 840 two and three bedroom apartments. It has been designed to give an open countryside feel," said Adi Godrej, chairman, Godrej Group.
In Bangalore, the company will initially concentrate on the residential market.
It is busy creating a land bank to take up commercial and retail projects thereafter.
According to Godrej, "From mass housing to customised luxury apartments, from the dot.com era to the current BPO and information technology wave and the ongoing retail boom, we will continue to provide value added property solutions through commercial and residential properties."
Godrej Properties has been in business for 16 years and has a sizeable presence in the suburbs of Mumbai and some upmarket locations in Pune.
Now the company is making efforts to enter the residential, IT parks and commercial real estate markets in Bangalore, Hyderabad, Kolkata and Chennai with a total offering of about 20million square feet.
Thecompany has been active in Kolkata, having tied up with two IT parks and one retail mall.
In Kolkata, it will build a 1.8 million square feet IT Park titled Godrej Waterside, another 1.5 million square feet IT park titled Godrej Simoco at Salt Lake and a 400,000square feet retail mall to be called CESC Godrej Plaza at Park Circus.
Inthe Mumbai and the Pune regions, the group has taken up Godrej Coliseum at Sion.
GodrejCastlemaine in Pune is already catering to the customised demands of the IT industry. Godrej Eternia at Pune houses Shopper's Stop, Godrej Avanti (Pune) and Godrej Chestnut Plaza (Thane).
Thecompany's clients include Veritas Software, Reliance Infocomm, Tata consultancy Services, BNP Paribas, Suzlon Energy, State Bank of India, HDFC, LIC and Hyundai.
Itsprojects are handled by architects like DP Architects of Singapore, JP Parekh and PG Patki and Sembcorp Project Management Consultants of Singapore Technologies.
The group's residential projects include a 19acre green enclave at Edenwoods at Thane, Planet Godrej in the heart of Mumbai city, Godrej Glenelg in South Mumbai and Godrej Waldorf in the western suburbs of Mumbai offering an international lifestyle.