Godrej Properties procures 28-acre land parcel

01 Mar 2023

Godrej Properties, the real estate development arm of Godrej Group, has acquired a 28-acre land parcel in Bengaluru for the development of a mixed-use project comprising apartments and retail space. The company's land acquisition strategy aims to strengthen its presence in key property markets across the country.

The land parcel is located near Outer Ring Road and Whitefield neighbourhood, which is known for its technology parks, upmarket apartments, and shopping and entertainment hubs. Local property brokers estimate that land in the Whitefield locality is currently priced above INR 200 million per acre. Last month, the company acquired a bungalow in Mumbai's Chembur suburb to develop a premium residential project.

Godrej Properties has been leveraging its brand and financial position to tap consolidation opportunities through outright acquisitions, alliances, and distress situations in the real estate sector. The company has added nine new projects during the quarter ended December with an estimated saleable area of nearly 17 million sq ft with a potential booking value of Rs 230,500 million. The company has been expanding its portfolio in the southern part of the country too, with the acquisition of a 60-acre land parcel in Chennai's Oragadam Junction. Industry experts believe that market consolidation in favour of large and established developers will gain momentum, owing to their better execution ability and access to liquidity in the current market environment compared to smaller developers.

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