Godrej acquires 3-acre land in Ahmedabad for Rs 1,300 cr housing project

Realty firm Godrej Properties Ltd (GPL) has acquired around 3 acres of land in Vastrapur, Ahmedabad to develop a housing project having an estimated sales of Rs 1,300 crore.

The company did not disclose the deal value and the name of the seller.

"The development on this land is estimated to have a potential of ~0.9 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated booking value of about Rs 1,300 crore," Godrej Properties said in a regulatory filing.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India's leading cities."

Earlier this month, Godrej Properties won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore.

To expand housing business, Godrej Properties acquires land through outright purchases as well as through forming partnership with landowners for joint development.

In its latest operational updates, Godrej Properties said it has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around Rs 12,650 crore.

This included addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of Rs 9,650 crore.

Godrej Properties is one of the leading real estate developers in the country.

It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Godrej Properties' sale bookings rose 3 per cent to nearly Rs 5,200 crore in the second quarter of this fiscal on better housing demand.

During April-September period of this fiscal year, Godrej Properties sale booking value grew 89 per cent annually to over Rs 13,800 crore.

Godrej Properties became the largest listed real estate firm last fiscal in terms of sale bookings.

During the last fiscal, the company's sale bookings jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year.

The company has set the target of achieving Rs 27,500 crore worth of sale bookings in the current 2024-25 financial year.