Real estate developer Godrej Properties Ltd (GPL) has acquired approximately 3 acres of land in Vastrapur, Ahmedabad, for a new housing project,.
As reported by the Money control, the development is expected to generate sales worth Rs 1,300 crore. The company has not disclosed the deal value or the identity of the seller.
According to a regulatory filing, the project will span around 0.9 million square feet of saleable area, primarily comprising premium residential apartments of various configurations. The estimated booking value for the project is about Rs 1,300 crore.
Gaurav Pandey, managing director and CEO of Godrej Properties, expressed enthusiasm about the project. “We are happy to add our second project in Ahmedabad. This will further strengthen our presence in the city and complement our strategy of deepening our presence in key micro-markets across India’s leading cities,” Pandey said.
Earlier in October, Godrej Properties won bids to acquire three adjoining plots totaling 6.5 acres in the Mumbai Metropolitan Region (MMR), with a housing project expected to generate Rs 3,500 crore in revenue.
To expand its housing portfolio, Godrej Properties has been acquiring land through outright purchases and partnerships with landowners for joint developments.
In its latest operational update, the company revealed that it had added eight new land parcels during the first half of the current fiscal year. These acquisitions offer a combined saleable area of 11 million square feet and an estimated booking value of around Rs 12,650 crore. Of these, six parcels were acquired in the second quarter, with a booking value potential of Rs 9,650 crore.
Godrej Properties, a leading real estate developer in India, has a significant presence in key markets such as Delhi-NCR, MMR, Pune, and Bengaluru. The company reported a 3% increase in sales bookings to nearly Rs 5,200 crore in the second quarter of the fiscal year, reflecting strong housing demand.
For the April-September period, the company saw an 89% year-on-year surge in sales booking value, reaching over Rs 13,800 crore. In the previous fiscal year, Godrej Properties achieved a record 84% growth in sales bookings, amounting to Rs 22,527 crore, making it the largest listed real estate company in terms of sales bookings.
Looking ahead, the company has set a target to achieve Rs 27,500 crore in sales bookings for the 2024-25 financial year.