Godrej Properties to buy land for a residential project

Real estate developers Godrej Properties Ltd, on Thursday, announced that it will acquire a 7.44-acre land parcel at New Alipore, a premium residential locality in Kolkata from West Bengal Housing Infrastructure Development Corporation Ltd. The company has been declared as the highest bidder in an e-auction, it said, but did not disclose the bidding amount. In a regulatory filing, the company said, “The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of nearly 12,000 million.” “We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years,” said Gaurav Pandey, MD & CEO, Godrej Properties.