Godrej Properties acquires land in Ahmedabad for residential project

Godrej Properties Limited (GPL) acquired about 3 acres of land in Vastrapur, Ahmedabad to develop a residential project, the company announced on Monday. 

As per the company’s statement, the project’s estimated booking value is about Rs 1,300 crore on the basis of the current business assumptions.

The development on this land is estimated to have a potential of around 0.9 million square feet (msf) of saleable area, comprising primarily premium residential apartments of various configurations. This acquisition is in line with GPL’s strategy of developing high-quality residential projects across India’s leading real estate markets, the company stated.

“This land parcel is strategically located in Vastrapur, a premium residential locality in West Ahmedabad offering good social infrastructure and excellent connectivity to key areas of the city,” the statement added.

Gaurav Pandey, the managing director and chief executive officer of 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.”

Additionally, the company already has a project named Celeste at Godrej Garden City in Ahmedabad under construction, with the possession date being scheduled in March 2027.

Earlier, on October 16, the company emerged as the highest bidder for three adjoining plots with a revenue potential of Rs 3,500 crore in Kharghar, Mumbai metropolitan region (MMR), according to the company’s stock exchange filing following auction results announced by the City and Industrial Development Corporation of Maharashtra (CIDCO).

The plots, measuring 6.54 acres, offer a development potential of about 2 msf, comprising premium residential apartments of varied configurations.