Godrej Properties acquires land in Pune for group housing project

Godrej Properties has announced the purchase of a 12-acre parcel of land in Mundhwa-East, Pune. The project is expected to have a developable potential of about 2.2 million sq ft and a revenue potential of Rs 20 billion. This land will be developed primarily for a high-end group housing project. Mohit Malhotra, Managing Director and CEO, Godrej Properties, said that Mundhwa is an important micro market in Pune. This will further expand the company’s presence in Pune and it fits with its strategy of deepening a presence in established micro markets across India's leading cities. Godrej Properties stated in its regulatory filing that the location is one of the most centrally located residential areas in Pune, with established physical and social infrastructure and excellent connectivity to all major social and commercial hubs in the city. It is also close to the upscale Koregaon Park. Also Read Godrej Properties set to buy 50-acre parcel at Palghar Rajasthan housing boards earned Rs 23.27 billion