Godrej Properties Ltd has entered the Panipat market with a 43 acre residential plotted scheme in Sector 40, its fourth such venture in North India. The land, bought at auction for about Rs 1.6 billion, will host roughly 9.5 lakh sq ft (1.02 million sq ft) of plotted development, offering around 420 plots. The company pegs the project’s revenue potential at more than Rs 12.5 billion.

Managing Director and Chief Executive Officer Gaurav Pandey said the project aligns with the builder’s strategy of widening its plotted development footprint. “Haryana has long been a key market for us. Our Panipat entry will set a new benchmark for quality living in the city,” he noted.

The new scheme follows the firm’s recent success in Bengaluru, where it sold over 1,450 flats in the Godrej MSR City township for upwards of Rs 20 billion. MSR City has a total potential of about 5.6 million sq ft, with significant inventory still to be launched.

Market data from consultant Anarock show housing sales in India’s seven largest cities fell 20 per cent year on year in the April–June quarter, to about 96,285 units from 120,335 a year earlier. However, a three per cent quarter on quarter rise hints at recovering momentum amid easing domestic uncertainties and a more supportive monetary stance.