India's leading real estate conglomerate, Godrej Properties Limited announced on Tuesday that it has entered into a transaction to purchase a well-located land parcel in Whitefield, Bengaluru. The company will develop a residential project in Whitefield. The property is spread across 18 acres and the project is set to offer 2.4 million square feet of saleable area, which includes primarily residential apartments of various configurations.

Godrej Properties, a subsidiary of Godrej Industries, has a total developed area of 194 million sq ft with a total of 86 projects. It is India’s largest publicly-listed developer by booking value over the past five years.

Bengaluru is a key market for the company and the project would help the company to deepen its presence across the country's leading real estate markets.

Reacting to the developments, shares of Godrej Properties today, the stock traded higher by 3.91 percent at Rs 1,255. The stock reached its intraday high of Rs 1,262, making a new one year-high high value.

Sensex, Nifty sparkle; PSU Bank Index climb 7pc

Mukesh Ambani praises government, says 'PM Modi's digital campaign is successful'

Jet Airways may restart domestic and international operations by next summer