Godrej Properties acquires 60 acres of land in Chennai for residential mission | All Tech Sir

Godrej Properties on Friday mentioned it has acquired 60 acres of land in Chennai to develop a residential mission because it seems to be to increase its enterprise amid rising residential demand.

In a regulatory submitting, the corporate mentioned it has acquired the land in Chennai’s Oragadam Dunes sub-market on outright foundation.

The corporate didn’t disclose the worth of the deal.

“The proposed 60-acre mission has a developable potential of roughly 1.6 million sq. ft of salable space, consisting primarily of residential improvement,” it mentioned.

Based on Gaurav Pandey, MD and CEO, Godrej Properties, the land acquisition is in step with the corporate’s technique to deepen its presence in India’s main cities.

“We purpose to construct an excellently designed improvement mission in Chennai that may create long-term worth for its residents,” he added.

Godrej Properties, a part of the enterprise conglomerate Godrej Group, is likely one of the main actual property builders within the nation.

It primarily focuses on 4 cities – Delhi-NCR, Mumbai Metropolitan Area (MMR), Bengaluru and Pune.

Godrej Properties has set a goal of reserving gross sales of Rs 10,000 crore for 2022-23 in opposition to Rs 7,861 crore recorded within the final monetary 12 months.

It reported a 60 per cent improve in gross sales bookings to Rs 4,929 crore within the first half of this monetary 12 months, in comparison with Rs 3,072 crore within the earlier 12 months.

Earlier final 12 months, Godrej Properties Government Chairman Piroisha Godrej introduced that it could make investments $1 billion sooner or later improvement of the initiatives.

It’s aggressively buying land both straight or in partnership with landowners.

Based on the plan, Godrej Properties has added round 12 plots of land with an estimated gross sales potential of over Rs 20,000 crore this monetary 12 months.

With three months to go within the 2022-23 monetary 12 months, Godrej Properties is probably going so as to add one other Rs 5,000-10,000 crore price of initiatives to its portfolio.

The corporate lately acquired 9 acres of land in Gurugram for round Rs 300 crore to develop a residential mission.

Final month, Godrej Properties acquired round 62 acres of land in Haryana’s Kurukshetra for Rs 100 crore to develop a built-up residential mission.

Solely in December, Godrej Properties acquired 18.6 acres of land in Mumbai’s Kandivali to develop a premium residential mission with a sale proceeds of Rs 7,000 crore.

It has additionally partnered with a landowner to collectively develop 14.27 acres of land in Gurugram and expects a sale income of round Rs 3,000 crore from the event of a residential mission on the website.

In November, Godrej Properties received two adjoining plots of land in Noida with a complete space of ​​12.4 acres for Rs 377 crore via an public sale.

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