Godrej Properties declares acquisition of 60 acres of land in Chennai | All Tech Sir

Godrej Properties on Friday introduced that it has acquired a 60-acre plot in Chennai’s Oragadam Junction. Godrej Group’s actual property improvement arm mentioned it can develop a residential venture right here.

Oragadam Junction is acknowledged as considered one of Chennai’s quickest rising companies and one of many main industrial corridors, with 22 Fortune 500 firms’ manufacturing amenities positioned within the industrial belt stretching from Sriperumbudur to Oragadam. The realm is effectively related by highway and rail and presents good civic and social infrastructure consisting of colleges, faculties, hospitals and purchasing retailers.

“We’re delighted so as to add this plot to our portfolio. It’s consistent with our technique to deepen our presence in India’s main cities. We purpose to construct an exquisitely designed improvement in Chennai that can create long-term worth for its residents,” mentioned Gaurav Pandey, MD and CEO, Godrej Properties.

The plot is “strategically” between the Higher Southern Expressway (GST Highway) and NH-4, simply close to Oragadam Junction (on the 6-lane SH-48) and is accessible to different elements of the town through Chennai Ring Highway. Tiruvallur Excessive Highway and Purple Hills Highway, the corporate mentioned in a BSE submitting.

In 2022, the chief chairman of Godrej Properties, Piroisha Godrej, introduced that the corporate will make investments $ 1 billion sooner or later improvement of tasks. It’s aggressively buying land both straight or in partnership with landowners.

Godrej Properties has added greater than 10 plots with a gross sales potential of over Rs 20,000 crore this monetary yr. With three months left in fiscal 2022-23, the corporate is probably going so as to add one other Rs 5,000-10,000 crore price of tasks to its portfolio.

Earlier this month, the corporate mentioned it had bought 870 items for Rs 435 crore in a residential venture in Ahmedabad, Gujarat. It has bought greater than 1 million sq. toes of space on the launch of the brand new part of the Celeste venture, a part of the Godrej Backyard Metropolis township.

“The corporate has bought 870 houses with a reserve worth of roughly Rs 435 crore because the launch of Celeste in October 2022,” the regulatory submitting mentioned.

Gaurav Pandey mentioned this can be a signal of elevated client confidence within the sector.

Godrej Properties booked gross sales for 2022-23 at Rs 10,000 crore in opposition to Rs 7,861 crore recorded within the final monetary yr.

It reported a 60 per cent improve 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.

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

(with company particulars)

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