Godrej Properties to develop a residential group housing project in Gurugram

The proposed development on 14.27 acres of land will have an estimated revenue potential of approximately Rs 3,000 crore.

Godrej Properties (GPL) announced that it has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana. The development will comprise predominantly of premium residential apartments. This will be one of GPL's largest residential developments in Gurugram and significantly strengthens its presence in the city. The site is strategically located with easy access to National Highway 48 and Northern Peripheral Road.

Gaurav Pandey, MD & CEO designate, Godrej Properties, said, "We are pleased to announce the addition of this large and strategically important project in Gurugram. This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets. We will aim to build an outstanding residential community that creates long term value for its residents."

Godrej Properties is engaged primarily in the business of real estate construction, development and other related activities. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

Its consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22.

Shares of Godrej Properties declined 2.22% to Rs 1227.90 on Thursday.

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