India, Aug. 5 -- Bengaluru-based real estate developer Assetz has acquired an 11.5-acre land parcel in East Bengaluru to develop a new luxury project. The project, backed by funding from Motilal Oswal Alternates, is expected to have a Gross Development Value (GDV) of over Rs.1,400 crore and will add around 1.4 million sq ft of saleable area to the developer's portfolio, the company said in a statement.

The upcoming project, on Old Madras Road (OMR)/Hoskote Highway, will house around 800 residential units. Part of the acquisition involves a joint development agreement with Vanshee Builders and Developers Pvt. Ltd.

The company said that this land acquisition is backed by Motilal Oswal Alternates, one of India's largest domestic real estat...