Godrej Properties Limited’s stock rose over 4% on March 4 following the announcement of an agreement to develop a township project on a 62-acre land parcel in North Bengaluru.

According to the company’s filing over the exchange, the township development will follow a profit-sharing model and is expected to offer approximately 5.6 million square feet of saleable area. The booking value for this development is estimated to be Rs 5,000 crore.

The company had agreed on the sale of the land, including this 62-acre land parcel, in 2014. However, the development was not able to commence at that time. In the upcoming financial year, the company plans to launch the first phase of the 62-acre development opportunity that has crystallised in recent months.

Spread over an area of approximately 62 acres, this land is situated in a prime location in North Bengaluru. The project will provide around 5.6 million square feet of saleable area, which will mainly consist of premium residential apartments of various sizes. The project aims to fulfil the desires of customers who are seeking a top-quality living experience with modern amenities and exceptional connectivity.

This land parcel in Bengaluru is in a prime location with excellent connectivity to the airport, upcoming metro station, residential and commercial developments, Special Economic Zone, and social infrastructure.

At 2:27 pm, the shares of Godrej Properties Ltd. were trading 1.78% higher at Rs 2,485.95 on the National Stock Exchange (NSE).