Godrej Properties to develop housing project in Pimpri-Chinchwad

Godrej Properties Limited (GPL) acquired a land parcel of nine acres in Pimpri-Chinchwad for the development of a group housing project. The developable potential of the project is a saleable area of about 1.7 million sq ft having estimated revenue potential of about Rs 1,400 crore. Godrej Properties MD and CEO Mohit Malhotra told the media that this would help in further expansion of their presence in Pune and aligns with their strategy of deepening their presence in the key micro markets across the country’s leading cities. The company had recently entered into an agreement for the development of a land parcel of 33 acres along Bannerghatta Road, South Bengaluru. The agreement had been for an outright purchase along with approximately 5% area share to the landowners. The land parcel’s developable potential was about 3.4 million sq ft saleable area having an estimated revenue of around Rs 2,000 crore. Godrej Properties (GPL) is a real estate major headquartered in Mumbai, Maharashtra. The company is a real estate arm of Godrej Industries. Image Source Also read: Godrej Properties forays into Sonipat in Haryana