Realty firm Godrej Properties Ltd on Wednesday said it has acquired a 9 acres land parcel in Pune to develop a housing project with an estimated revenue of Rs 1,400 crore.
The project located at Pimpri-Chinchwad in Pune will have a developable potential of about 1.7 million square feet of saleable area, with an estimated revenue potential of about Rs 1,400 crore, the company said in a regulatory filing.
Mohit Malhotra, MD and CEO, Godrej Properties, said, "Pimpri Chinchwad is an important micro-market in Pune and we are happy to add this land parcel to our portfolio.”
This will further expand the company’s presence in Pune and fits with its strategy of deepening presence in key micro markets across India’s leading cities, he added.
Earlier this month, Godrej Properties bought about 50 acre of land parcel at Sonipat in Haryana for plotted development.
In an interview with In an interview with PTI last month, Godrej Properties Executive Chairman Pirojsha Godrej had announced the company's plan to invest around Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects.
He was upbeat on the growth potential in the housing and commercial real estate segments, especially in four major markets: Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune -- where the company has a huge presence.
"We will invest USD 1 billion (around Rs 7,500 crore) over the next 12-18 months on the development of new projects," Pirojsha had said.
Godrej Properties, the largest listed realty firm during the last fiscal in terms of sales bookings, acquires new projects through outright purchase of land parcels and also through joint ventures with land owners.
The company is likely to achieve all-time high sale bookings in the 2021-22 financial year, beating the last year's record of Rs 6,725 crore.
According to property consultant Anarock, sales across the top seven cities rose 71 per cent year-on-year in 2021 to 2,36,530 units.PropTiger.com said that housing sales across eight major cities increased 13 per cent to 2,05,936 units in 2021.