Godrej Properties buys 9-acre land in Gurugram for Rs 300 cr to build housing project

(Representative image)

Godrej Properties has bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project.

On December 29, the company had informed stock exchanges about acquisition of the land through an outright purchase, but did not mention the deal value.

According to market sources, Godrej Properties bought this 9-acre land for Rs 300 crore.

The project with a development potential of about 1.6 million square feet area, has an estimated revenue potential of about Rs 2,500 crore.

The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road.

Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that the company would invest USD 1 billion on future development of projects. It is aggressively acquiring land parcels either outright or in partnership with land owners.

Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.

It mainly focuses on four cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune. As per the plan, Godrej Properties has already added more than 10 land parcels this fiscal year with an estimated sales potential of over Rs 20,000 crore.

With three months still left in 2022-23 fiscal year, Godrej Properties might add another Rs 5,000-10000 crore worth projects in its portfolio.

Last month, it purchased a 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.

In December only, Godrej Properties  bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.

It also partnered with landowner for joint development of a 14.27 acre land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.

In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.

On operational front, Godrej Properties has set a target of Rs 10,000 crore of sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.

It has already clocked 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.