Godrej Properties has acquired an additional 3.8-acre land parcel in South Bengaluru, a move that could unlock around Rs 2.4 billion in revenue and add nearly 2 million sq ft of development area. With this purchase, the company will now develop a premium residential community across a combined landholding of about 30 acres.

In October, the developer bought a 26-acre plot in Sarjapur, Bengaluru, for a housing project expected to generate Rs 1.1 billion in revenue. Together, the expanded project is projected to yield around Rs 3.5 billion in revenue and offer approximately 3 million sq ft of developable space.

In its regulatory filing on Monday, Godrej Properties said the higher floor space index (FSI) across the integrated parcel will enable the creation of a master-planned group housing township featuring open spaces, lifestyle amenities and sustainable design elements.

Managing Director and CEO Gaurav Pandey said: “The enhanced potential is largely due to higher FSI permissibility across the entire land parcel, allowing the combined 30 acres to be master planned as an integrated group housing township.”

Shares of Godrej Properties have fallen 23.67 per cent so far this year.