Godrej Properties Secures 3-Acre Land in Ahmedabad for Rs 1,300 Crore Residential Project

2024-10-21 03:25:22

Godrej Properties Acquires 3-Acre Plot in Ahmedabad for Rs 1,300 Crore Housing Project

In a move to expand its housing business, Godrej Properties Ltd (GPL) has acquired a 3-acre land parcel in Vastrapur, Ahmedabad, for a residential project with an estimated sales potential of Rs 1,300 crore. The company secured the land through an outright purchase but did not reveal the transaction value or the seller’s identity.

According to Godrej Properties’ regulatory filing, the project will offer around 0.9 million square feet of saleable area, primarily consisting of premium residential apartments in various configurations. The expected booking value for this development is estimated at Rs 1,300 crore.

Gaurav Pandey, MD & CEO of Godrej Properties, expressed optimism about the project, stating, "We are pleased to add our second project in Ahmedabad, further strengthening our presence in this market and supporting our strategy to deepen our footprint in key cities across India."

Earlier this month, the company acquired 6.5 acres of land in the Mumbai Metropolitan Region (MMR) with a revenue potential of Rs 3,500 crore. Godrej Properties continues to expand its housing portfolio through outright land acquisitions and joint ventures with landowners.

In its recent operational update, the company reported adding eight new land parcels in the first half of the current fiscal year, with a total estimated saleable area of 11 million square feet and an expected booking value of Rs 12,650 crore. This includes six land acquisitions in the second quarter alone, valued at approximately Rs 9,650 crore.

Godrej Properties, a leading real estate developer in India, has a strong presence in key markets such as Delhi-NCR, Mumbai Metropolitan Region, Pune, and Bengaluru. The company saw a 3% increase in sales bookings, reaching Rs 5,200 crore in the second quarter, driven by robust housing demand. In the first half of this fiscal year, sales booking value surged 89% to over Rs 13,800 crore.

Last fiscal year, Godrej Properties became the largest listed real estate firm in India in terms of sale bookings, achieving a record Rs 22,527 crore in bookings—an 84% increase from the previous year. The company aims to reach Rs 27,500 crore in sale bookings for the 2024-25 financial year.