The corporate plans to implement a residential improvement undertaking on the stated plot and is estimated to have a possible of 1.6 million sq. ft of salable space.
Godrej Properties didn’t disclose the precise worth of the transaction. Nonetheless, trade specialists estimate it to be round Rs 90 crore, provided that it’s someplace round Rs 1.5 crore per hectare.
“We’re blissful so as to add this plot of land to our portfolio. That is according to our technique to deepen our presence in India’s main cities. We intention to construct a superb undertaking in Chennai that may create long-term worth for its residents,” stated Gaurav Pandey, MD and CEO, Godrej Properties.
Final month, the corporate acquired 18.6 acres of land close to Mumbai’s Kandivali. This was the eighth undertaking that the developer added to its improvement portfolio within the present monetary yr.
This took the corporate’s anticipated cumulative reserving worth from tasks added in 2022-23 to round Rs 16,500 crore, in comparison with its full-year steerage of Rs 15,000 crore. After that, it acquired three extra tasks and the Chennai plot is the fourth such addition since then.
In December, the corporate introduced an settlement to develop a premium residential undertaking on 14.27 acres of land in Gurgaon. After that he once more purchased 62 acres of land in Kurukshetra and 9 acres of land in Gurgaon. Chennai Precinct is strategically positioned between the Higher Southern Expressway (GST Street) and NH-4, simply close to Oragadam Junction (on 6-lane SH-48) with entry to different elements of town through Chennai Ring Street, Chennai Thiruvallur. Excessive Street and Purple Hills Street.
Oragadam Junction is called certainly one of Chennai’s quickest rising enterprise and main industrial corridors, with 22 firms’ manufacturing services positioned within the industrial belt stretching from Sriperumbudur to Oragadam.
Trade specialists imagine that the continuing market consolidation in favor of enormous and established builders can be fueled by better means to entry and execute within the present market setting than smaller builders.
The Godrej Group is wanting to make use of its model and monetary place to capitalize on consolidation alternatives via the difficult occasions in the actual property sector. The corporate additionally raised funds to considerably strengthen its consolidation and improvement portfolio via the usage of extra capital.