ANAROCK enables major land deal in Bengaluru’s IT hub

Real estate consultancy ANAROCK has announced the successful culmination of a major land deal in Whitefield, Bengaluru’s most prominent IT/ITeS hub.

ANAROCK represented both the buyers (Godrej Properties) and the sellers in this outright acquisition of 18 acres of prime land which Godrej Properties will develop into a mid-range residential township, said a press release.

The project, which is slated to be completed in the next five to six years, will deliver approx. 1,600 units spread over 2.4 million square feet.

Ritesh Srivastava, SVP – Land Services, ANAROCK Property Consultants, said, “The timing for this plot’s acquisition for residential development is impeccable, considering the massive demand for quality housing in Bengaluru post the lockdowns. Of the total 15,020 homes launched in Bengaluru in 2020 till September, branded developers like Ritesh Srivastava accounted for a massive 63 pc share. This clearly indicates that homebuyers in India’s Silicon Valley are focused on quality and execution certainty.”

Over the last decade, Whitefield’s skyline has metamorphosed significantly into tall skyscrapers and big residential communities. The housing demand in this region is primarily driven by the IT professionals working in nearby office complexes.