Godrej Properties Limited (GPL) has acquired approximately 9 acres of land in Gurugram in an outright purchase for a housing project with a sales potential of Rs 2,500 crore, the company said on December 29.
It said the project would include about 1.6 million square feet of premium residential realty.
The land parcel is strategically located with easy access from Golf Course Road Extension, also known as the Southern Peripheral Road, a statement issued by the real estate developer said.
Golf Course Road Extension is one of the most premium micro markets in the National Capital Region (NCR) with quality residential, corporate, and retail assets.
GPL, however, did not divulge details about the seller and the land value.
Gaurav Pandey, MD & CEO Designate, Godrej Properties, said that Gurugram was an important market for the company and they were happy to add this city-centre land parcel to their portfolio.
“Golf Course Road Extension is an established and premium micro market with good civic and social infrastructure. We aim to build premium residential spaces with best-in-class amenities. This project will allow us to significantly increase our market share in Gurugram over the next several years, and fits within our strategy of strengthening our presence in key micro markets,” Pandey said in a statement.
A subsidiary of the Godrej group, Godrej Properties mainly focuses on real estate projects in four cities — Delhi-NCR, the Mumbai Metropolitan Region (MMR), Bengaluru, and Pune.
Godrej Properties has been acquiring land across different cities in the NCR for future development.
Earlier this week, GPL purchased 62 acres in Haryana's Kurukshetra area. The project will be used to develop plotted residential accommodations spanning nearly 1.4 million square feet.
Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej had said, "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full-year guidance of Rs 15,000 crore. Given strong further visibility, we will end the 2022-2023 fiscal much beyond of the target."
Last month, the Mumbai-based developer had purchased two adjacent land parcels in Noida’s sector 146 for a total bid value of Rs 377 crore. These land parcels are spread over 12.4 acres and have approximately 3.2 million square feet of development potential, primarily comprising premium residential apartments of varied configurations.
In November, the real estate giant had reported a net profit of Rs 54.96 crore in the September quarter, up 53.86 percent from Rs 35.72 crore in September 2021.
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