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Godrej Properties has purchased a 9-acre land plot in Gurugram to develop a housing project with a Rs. 2,500 crore sales potential. This project will comprise roughly 1.6 million square feet of luxury residential development.
The site is located near Golf Course Extension Road, also known as Southern Peripheral Road. Godrej Properties MD & CEO Gaurav Pandey stated, “Gurugram is an important market for us, and we are pleased to add this city centre land parcel to our portfolio.”
Over the next several years, this project will allow us to increase our market share in Gurugram significantly, he added. Godrej Properties, which has a large cash reserve and plans to invest USD 1 billion, is acquiring land for future development through outright purchase and partnership with land owners.
Godrej Properties paid over Rs. 100 crore for 62 acres of land in Kurukshetra, Haryana, earlier this week to develop a plotted residential project.
Godrej Properties has purchased an 18.6-acre plot of land in Kandivali, Mumbai, to develop a premium housing project worth an estimated Rs. 7000 crores.
It has also partnered with a landowner to develop 14.27 acres of land in Gurugram, with a sales revenue of around Rs 3,000 crore expected from developing a housing project on this land.
Godrej Properties acquired two nearby land parcels totaling 12.4 acres in Noida last month for Rs. 377 crore. Godrej Properties is aggressively expanding to capitalize on rising housing demand.
Pirojsha Godrej, Executive Chairman of Godrej Properties, stated earlier this month that the company has already exceeded its Financial Year 2023 guidance of Rs. 15,000 crore in terms of sales bookings and potential of new land acquisitions.
Godrej Properties, a subsidiary of the Godrej Group, is one of the country’s leading real estate developers.
It is mainly concerned with four major cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune.
This year has seen a slew of land deals in the Delhi-NCR market as developers sought to diversify their holdings.