godrej properties buys 60 acre land for residential project in chennai
The Executive Chairman of Godrej Properties said that the company has aimed to deliver an outstanding lifestyle for residents through this landmark project.
The purchase of this land block, according to Gaurav Pandey, MD & CEO of Godrej Properties, coincides with the company’s objective to strengthen its presence across India’s major cities.
In an effort to grow its company amid an increase in housing demand, Godrej Properties announced on Friday that it has purchased a 60-acre plot of land in Chennai for the development of a residential project.
The company disclosed in a regulatory filing that it had outright acquired the land in Chennai’s Oragadam Junction micro market. The business kept the deal’s value a secret.
According to the petition, the proposed project, which spans 60 acres, has a developable potential of roughly 1.6 million square feet of marketable area and will predominantly consist of residential plotted development.
The purchase of this land block, according to Gaurav Pandey, MD & CEO of Godrej Properties, coincides with the company’s objective to strengthen its presence across India’s major cities.
He continued, “We would strive to construct an exceptional planned development project in Chennai that generates long-term value for its people.
One of the top real estate developers in the nation is Godrej Properties, a division of the commercial behemoth Godrej Group.
It primarily concentrates on Bengaluru, Pune, Mumbai Metropolitan Region (MMR), and Delhi-NCR.
In contrast to the 7,861 crore recorded during the previous fiscal year, Godrej Properties has set a target of 10,000 crore in sales bookings for 2022–23.
In comparison to the same period last year, the company’s sales bookings for the first half of the current fiscal year increased by 60% to $4,929 crore.
Godrej Properties Executive Chairman Pirojsha Godrej indicated early in 2017 that the company would invest USD 1 billion in project development going forward.
It is actively buying up land pieces, either on its own or in collaboration with landowners.
Godrej Properties has already acquired roughly 12 parcels of land this fiscal year, as per the plan, with a potential sales volume of more than 20,000 crore.
With three months remaining in the fiscal year 2022–2023, Godrej Properties may add new projects to its portfolio worth between 5,000 and 10,000 crore.
To build a home project, the business recently paid over 300 crore for a 9-acre plot of property in Gurugram.
For more than $100 crore this month, Godrej Properties acquired a roughly 62-acre tract of land in Kurukshetra, Haryana, in order to build a planned residential complex.
Godrej Properties purchased an 18.6-acre plot of land in Mumbai’s Kandivali neighborhood only in December in order to build a luxury housing project with an expected sales volume of 7,000 crore.
Additionally, it collaborated with the landowner to jointly develop a 14.27-acre plot of land in Gurugram, and it anticipates that the construction of a house building there will generate about 3,000 crore in sales.
Godrej Properties paid $377 crore for two contiguous land parcels totaling 12.4 acres in Noida in November after winning the auction.
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