Real estate firm Godrej Properties Ltd on Thursday said it has purchased about 3 acres of land in Hyderabad to develop a housing project with an estimated revenue potential of Rs 1,300 crore.
Last month, Godrej Properties entered the real estate market in Hyderabad by purchasing 12.5 acres of land for Rs 350 crore to develop a housing project with a revenue potential of Rs 3,500 crore.
In a regulatory filing, the company said this is its second land acquisition in Hyderabad.
The total development potential on this land is approximately 1.2 million square meters of salable area, consisting mainly of high-quality residential apartments.
The company expects to generate a turnover of Rs 1,300 crore from this upcoming new project.
Godrej Properties has not named the seller or the deal value of this new land acquisition.
Godrej Properties said this strategic acquisition is in line with its strategy to develop high-quality residential projects in India’s key real estate markets.
The land is located in Kokapet, near the Outer Ring Road junction, close to Golden Mile Road.
“We are excited to add another project in Hyderabad, which is among the largest and fastest growing residential real estate markets in the country. It aligns well with our expansion strategy and will further cement our position as a leading national real estate developer,” said Gaurav Pandey , MD, and CEO, Godrej Properties.
Godrej Properties, part of the business conglomerate Godrej Group, is one of the country’s leading real estate developers.
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First print: March 14, 2024 | 9:32 am IST