Godrej Properties acquires 9-acre land in Gurugram for housing project

Godrej Properties has bought an about 9-acre land in Gurugram to develop a housing project with sales potential of Rs 25 billion. It has acquired the land through an outright purchase. It did not mention the deal value and the name of the seller. This project will offer about 1.6 million sq ft of premium residential development. The project will have an estimated revenue potential of about Rs 25 billion. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road. Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, Gurugram is an important market for us and we are happy to add this city center land parcel to our portfolio. This project will allow us to significantly increase our market share in Gurugram over the next several years, he added. Sitting on a huge cashpile with plans to invest USD 1 billion, Godrej Properties is acquiring land -- through outright purchase and partnership with land owners, for future development. Earlier this week, Godrej Properties purchased about 62 acre land in Kurukshetra, Haryana for over Rs 1 billion to develop a plotted residential project. In this month only, Godrej Properties has bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 70 billion. It also partnered with landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 30 billlion sales revenue from development of a housing project on this land. Also Read BRO completes 2 bridges near China border in Uttarakhand Airtel may hike capex to Rs 280 bn for 5G rollout