Godrej Properties Limited, a major participant in the real estate industry, announced that it has purchased roughly 15 acres of land parcel in Gurugram, Haryana, for the construction of premium residential developments.
The corporation stated in a filing to the stock exchanges that the land was purchased outright. However, the cost of purchasing the land or its potential for generating income have not been disclosed by the corporation.
This follows the Mumbai-based real estate firm’s December 2022 outright purchase of nine acres of property in Gurugram for a high-end residential complex.
The project, with a projected income potential of Rs 2,500 crore, will provide roughly 1.6 million square feet of luxurious residential construction with ultra-luxury lifestyle amenities.
Prior to it, the property developer bought 62 acres of land in Kurukshetra Haryana Sales volumes at Godrej Properties increased by 40% during the financial year 2022–2023 reported. The management anticipated that the momentum would extend throughout the current financial year.
In the financial year 2024, outgoing MD Pirojsha Godrej expected good visibility and recommended for a booking value of Rs 14,000 crore. Godrej predicted the it will rise to Rs 20,000 for the financial year 2026.
Godrej Properties said earlier this month that it would buy a 7.44-acre plot of land in New Alipore, Kolkata, for a high-end residential development. The company’s second premium residential project in Kolkata would be this one.
The project consists of a total developable area of about 9.8 lakh square feet with a revenue potential of over Rs 1,200 crore. Despite all these purchases, the Godrej Properties’ stock is trading unchanged at Rs. 1,500.
Source-ET
