Godrej Properties acquires 12 acres in Pune to build housing project

Realty firm Godrej Properties has acquired 12 acres of land in Pune for development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore.

According to a regulatory filing, the company has, on an outright basis, acquired a 12-acre land parcel in Mundhwa-East, Pune. The development on this land will primarily be for a premium group housing project.

The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of around Rs 2,000 crore, it added.

Mohit Malhotra, MD & CEO, Godrej Properties, said, "Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities."

Godrej Properties, which is part of business conglomerate Goderj group, is one of the leading real estate developers of the country.

Earlier this month, Godrej Properties had bought 50 acres of land in Maharashtra to develop a plotted residential project with an expected revenue of about Rs 500 crore. It has entered into an agreement for the outright purchase of a land parcel in the micro market of Manor, Palghar.

Spread across 50 acres, the proposed project is estimated to have a developable potential of about 1.2 million square feet of saleable area primarily comprising residential plotted development.

Godrej Properties had in September acquired a 7-acre land parcel in Bengaluru for the development of a premium housing project that has an estimated Rs 750 crore revenue potential.

In August, the company's Executive Chairman Pirojsha Godrej had said the firm would like to add projects with gross development value (GDV) of Rs 15,000 crore in this fiscal year to sustain growth in sales bookings.

"The pipeline is super strong. So I think I'm quite hopeful. We will have a large number of big announcements in the next few quarters," Pirojsha had said in an interview with PTI when asked about acquisition of new land parcels for future development.

As part of its expansion plan, the Godrej Group company is acquiring land outright and also entering into Joint Development Agreements (JDAs) to develop residential projects. It focuses on four cities -- Delhi-NCR, Mumbai Metropolitan Region, Pune and Bengaluru.

In February, Pirojsha had announced plans to invest Rs 7,500 crore over next 12-18 months to expand its portfolio.

Godrej Properties clocked sales booking of Rs 7,861 crore in 2021-22 fiscal year and is targeting Rs 10,000 crore in FY23.

In line with the target, the company's sales booking jumped five-fold to Rs 2,520 crore during April-June period on a year-on-year basis, registering the highest-ever first quarter sales.