Godrej Properties Ltd. (GPL), a prominent real estate developer in India, on June 15 announced its acquisition of a 7.44-acre land parcel in the upscale residential area of New Alipore in Kolkata. This acquisition was made through an e-auction conducted by the West Bengal Housing Infrastructure Development Corporation Ltd., where GPL emerged as the highest bidder.
The company intends to develop the land parcel into a luxury group housing project, which carries a revenue potential of approximately Rs 1,200 crore, the company has said.
"New Alipore is known for its well-established physical and social infrastructure, offering excellent connectivity to major social and commercial hubs within Kolkata," it has said.
Gaurav Pandey, the Managing Director and CEO of Godrej Properties, expressed satisfaction with the acquisition, highlighting the strong demand for luxury real estate in recent years.
"This upcoming project will mark GPL's second luxury development in Kolkata, aiming to create an exceptional residential community that delivers long-term value to its residents."
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