Real estate firm Godrej Properties (GPL) has entered into a Development Management Agreement (DMA) with Manyata Developers to develop a group housing project in East Bangalore. Manyata Developers is a leading Bangalore based real estate company, founded by Reddy Veeranna.

The first phase of over 16 acres will have 1.35 million sq. ft of saleable area. According to Godrej Properties, the total project would be spread over 53 acres and would be developed in phases.

The project will be developed as a modern residential development comprising of apartments of various configurations. The location is well connected to key IT Hubs of Sarjapur Road, Whitefield, Outer Ring Road and Electronic City. This will be GPL’s fourteenth project in Bangalore.

“We are happy to add this new project in Bengaluru. Bengaluru is a key market for us and this project fits in our strategy of deepening our presence the country’s leading real estate markets,” said Pirojsha Godrej, executive chairman, Godrej Properties in a filing.

Godrej Properties has been on an expansion spree for the last few months. The prolonged slowdown in the real estate sector has thrown up several distressed opportunities for established firms such as Godrej Properties.

On 14 September, GPL entered into a joint venture with Mumbai-based realty firm Nirmal to develop a 2.1 million sq. ft residential project spread over 14 acres land in suburban Thane, near Mumbai.

Godrej Properties brings the Godrej Group philosophy of innovation, sustainability and excellence to the real estate industry. Each Godrej Properties development combines a 120 year legacy of excellence and trust with a commitment to cutting-edge design and technology.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 13.5 million square meters (138 million square feet) in 12 cities.

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