Godrej Industries subsidiary Godrej Agrovet board has approved monetisation of its 100 acre land in Bengaluru through joint development with group company Godrej Properties.
In a BSE filing, Godrej Industries informed that “the board of directors of Godrej Agrovet Ltd (GAVL) at its meeting held today has granted approval for joint development by GAVL and/or its subsidiaries of land/s admeasuring approximately 100 acres, at Sarajpur, Bengaluru with Godrej Properties Ltd, the developer”.
As GAVL has not been carrying out any operational activity on the land for a long time and the land is available for alternate use, the board believed that GAVL would benefit through such asset monetisation by way of joint development on this land with the expertise of Godrej Properties.
Recently, Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida.
Godrej Properties, the real estate arm of the Godrej Group, plans to develop a golf centric township on this land parcel with a saleable area of about 4 million sq ft.
In January, Godrej Properties had announced its entry into the Noida real estate market in tie-up with a local developer Lotus Greens.
At present, Godrej Properties is developing residential, commercial and township projects spread about 120 million sq ft in 12 cities.
Godrej Agrovet to co-develop 100 acres with Godrej Properties