Godrej Properties secures 3 plots in Mumbai for a Rs 3,500 cr residential project
Godrej Properties continues to acquire land to expand its operations amid strong residential demand | File image
Real estate firm Godrej Properties Ltd has won bids to acquire 3 adjoining plots totaling 6.5 hectares in the Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore.
In a regulatory filing on Wednesday, the company said it has “emerged as the highest bidder to develop a group housing project at a prime location in Sector 5-A, Kharghar, according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).”
The plots, measuring 6.54 hectares, will offer a development potential of about 2 million sq ft, with an estimated combined revenue potential of about Rs 3,500 crore, it added.
The company did not disclose the deal value of these three adjacent parcels.
Gaurav Pandey, MD and CEO of Godrej Properties, said, “Our entry into the Kharghar micro market aligns well with our strategy to strengthen our portfolio across key real estate markets in India.”
Godrej Properties continues to acquire land to expand its operations amid strong residential demand.
The company acquired six new plots in the July-September quarter to develop housing projects worth Rs 9,650 crore.
To expand its housing development activities, Godrej Properties acquires land through outright purchases and by entering into partnerships with landowners for co-development.
In the latest operational updates for the July-September quarter, Godrej Properties said it has added eight new plots in the first six months of this fiscal with a total estimated salable area of about 11 million sq ft and a total estimated book value potential of approximately Rs 12,650 crore.
This included the addition of 6 new plots in the second quarter of this fiscal with an expected book value of Rs 9,650 crore.
Godrej Properties said it has already achieved 63 percent of its annual new business development (land acquisition) target.
Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
Godrej Properties’ sales bookings rose 3 percent to nearly Rs 5,200 crore in the second quarter of this fiscal on better residential demand.
This is the highest booking value ever achieved in the second quarter (July-September) of Godrej Properties.
During the April-September period this fiscal, Godrej Properties’ sales booking value grew 89 percent annually to over Rs 13,800 crore.
This is the highest booking value ever achieved by Godrej Properties during the first half of a financial year.
Godrej Properties became the largest listed real estate company in terms of sales bookings last fiscal.
During the last fiscal, Godrej Properties’ sales bookings rose 84 percent to a record Rs 22,527 crore, compared to Rs 12,232 crore in the previous year.
The company has set a target of achieving Rs 27,500 crore worth of sales bookings in the current financial year 2024-25.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: October 16, 2024 | 10:40 am IST