Godrej Properties to build housing project in Gurugram

Godrej Properties has purchased a 9-acre plot of land in Gurugram for approximately Rs 3 billion in order to develop a housing project. The company informed stock exchanges about the outright purchase of the land, but did not disclose the deal value. The project, which has a development potential of approximately 1.6 million square feet, has an estimated revenue potential of approximately Rs 25 billion. The site is conveniently located near Golf Course Road Extension, also known as Southern Peripheral Road. Godrej Properties Executive Chairman Pirojsha Godrej announced early last year that the company would invest USD 1 billion in future project development. It is aggressively acquiring land parcels, either directly or in collaboration with landowners. Godrej Properties, a subsidiary of the Godrej Group, is one of the country's leading real estate developers. It is primarily concerned with four cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune. According to the plan, Godrej Properties has already added more than ten land parcels this fiscal year, with a sales potential of more than Rs 200 billion. Godrej Properties may add another project to its portfolio worth Rs 50-100 billion with three months left in the fiscal year 2022–23. It spent over Rs 1 billion last month to acquire a 62-acre plot of land in Kurukshetra, Haryana, for the purpose of building a planned residential project. Godrej Properties purchased an 18.6-acre plot of land in Mumbai's Kandivali neighbourhood only in December in order to build a luxury housing project with an expected sales volume of Rs 70 billion. Additionally, it collaborated with the landowner to jointly develop a 14.27-acre plot of land in Gurugram, and it anticipates that the construction of a housing project there will generate about Rs 30 billion in sales. In November, Godrej Properties paid Rs 3.77 billion for two adjacent land parcels totaling 12.4 acres in Noida. Godrej Properties has set a goal of Rs 100 billion in sales bookings for 2022–23, up from Rs 78.61 billion during the previous fiscal year. It has already seen a 60% increase in sales bookings during the first half of this fiscal year, going from Rs 30.72 billion to Rs 49.29 billion . See also: Godrej Properties purchases 12 acre of land in Pune Godrej Properties adds 8 new projects worth Rs 165 bn in FY23