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 appears to broaden 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.

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

“We intention 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 yr.

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

Earlier final yr, Godrej Properties Govt Chairman Piroisha Godrej introduced that it might make investments $1 billion sooner or later improvement of the initiatives.

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

In line with 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 yr.

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

The corporate not too long ago 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 web site.

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



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