Godrej Properties to buy 26 acres in central Delhi for Rs 1,359 crore

Realty major Godrej Properties on Monday announced the addition of a new project in the residential market of Delhi's Ashok Vihar with a land acquisition value at Rs 1,359 crore in one of the largest land transactions in recent times.

The payment for this land will be made in installments over several years as stipulated in the tender documents, it said in a statement.

Situated 11 km from Connaught Place, Ashok Vihar is in the heart of Delhi and offers an opportunity to create a large and well-planned modern development in such a location, said the company.

Spread over 26.58 acres, the development will offer three lakh square metres (3.28 million square feet) of development potential and will be developed as a luxury group housing project offering world-class lifestyle amenities. The site is surrounded by parks on three sides offering park and city views.

This is Godrej Properties' second project in Delhi after the launch of Godrej South Estate in Okhla last year. The company has developed residential projects in other parts of NCR including Gurgaon and Noida.

"We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR," said Executive Chairman Pirojsha Godrej.

"We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents," he added.