Godrej Properties Ltd, one of India’s leading real estate developers and subsidiary of Godrej Industries, purchased 60 acres of land on an outright basis in the fast-developing micro market of Oragadam Junction in Chennai, the company announced on January 13.
The proposed project is estimated to have a developable potential of approximately 1.6 million square of saleable area, comprising primarily of residential plotted development, the company said in a statement.
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“We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India's leading cities. We will aim to build an outstanding plotted development project in Chennai that creates long term value for its residents,” said Gaurav Pandey, managing director and chief executive officer of Godrej Properties.
The said property is located between Grand South Trunk road (GST road) and NH-4, just off Oragadam Junction (on the 6-lane SH-48) offering access to other parts of the city via Chennai Bypass Road, Chennai Tiruvallur High Road and Red Hills Road, the company said in a press release.
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According to the statement, Oragadam Junction is recognized as one of the fastest-growing business and largest industrial corridors of Chennai, with manufacturing facilities of 22 Fortune 500 companies spread across the industrial belt stretching from Sriperumbudur to Oragadam.
The area is well-connected via road and rail and it offers good civil and social infrastructure consisting of schools, colleges, hospitals and retail outlets.
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