Godrej Properties buys 9-acre land in Gurugram, sees revenue of Rs 2,500 cr

Godrej Properties has acquired around 9 acres of land in Haryana’s Gurugram, predicting a revenue potential of some Rs 2,500 crore in the residential project.

The project in Golf Course Road Extension will offer 1.6 million square feet of premium residential development, said the real estate firm in a statement without mentioning the deal’s price value and seller’s name.

Golf Course Road Extension is a premium location offering quality residential, corporate and retail parcels for realty developers.

“Gurugram is an important market for us and Golf Course Road Extension is an established and premium micro-market with good civic and social infrastructure. We aim to build premium residential spaces with best in class amenities,” said Gaurav Pandey, managing director and chief executive officer designate, Godrej Properties. The project will allow the company to increase its market share in Gurugram and strengthen its presence in key micro markets.

The company has been eyeing the National Capital Region (NCR) market, especially Haryana. Earlier this week, it bought about 62 acres of land in Kurukshetra for about Rs 100 crore to develop a plotted residential project with a revenue potential worth Rs 550 crore.

Godrej Properties, a part of Godrej group, is a dominant player in the real estate market with major focus on markets in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.