Godrej Prop sells Pune homes worth Rs 1,000 cr within 4 months of land buy

Property developer Godrej Properties on Wednesday said it sold inventory worth over Rs 1,000 crore in its project, Godrej Evergreen Square, located in Hinjewadi, Pune. 

 

"Launched in November 2024, within 4 months of acquiring the land, this is GPL’s most successful launch ever in Pune in terms of the value and volume of sales achieved," the company said in a statement.

 

Godrej Evergreen Square has a developable potential of 2.41 million square feet with an estimated revenue potential of approximately Rs 2045 crore. The Mumbai-based real estate developer has sold over 1398 homes with a total area of 1.23 million square feet in the project (On the basis of the current business assumption).

 

 

The project offers 1, 2 and 3 BHKs. The starting price for a 1 BHK measuring 450-500 sq feet ranging between Rs 59.9 lakh and Rs 63.8 lakh.

 

Hinjewadi is an established residential location in Pune that provides access to well-developed social and civic infrastructure with multiple schools, health facilities, retail malls, and entertainment outlets.

 

The area provides good connectivity to the Mumbai-Bangalore Highway, Mumbai-Pune Expressway, Metro & other major parts of the city. The introduction of a metro line connecting Hinjewadi to Shivaji Nagar, with a metro station just 2 minutes away from the project, will significantly reduce travel time, enhancing the area's connectivity and making daily commuting more convenient.

 

" “We are delighted with the response to our project, Godrej Evergreen Square. This has now become the best-ever launch in Pune residential real estate. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Evergreen Square offers its residents an outstanding living experience," said Gaurav Pandey, MD & CEO, Godrej Properties.

 

Godrej Properties has acquired 12 land parcels between April and December of 2024 to develop housing projects worth Rs 234 billion. The company plans to acquire more land in the ongoing quarter to expand its business amid strong consumer demand. 

 

The average rate of residential properties in Pune touched an all-time high of Rs 6,590 per square feet, rising 11 per cent annually in 2024, according to a report by Gera Developments. "The rise in home prices continued for a 5th consecutive year. On an already increased base, the average rate across the city increased by 10.98 per cent to an all-time high of Rs 6,590 per square feet," the report said.

 

Pune's residential real estate market reported a 5% drop in sales in 2024, from 94,850 apartments sold in 2023 to 90,127 apartments sold in 2024, added the report.The report also noted that on an increased base, the average price across the city increased by 10.98% to an all-time high of Rs 6,590 per square foot. It noted that a drop in home sales seems to indicate a resistance at current price levels.