Godrej strikes another land deal, buys 109 acres

05 Oct 2023 CW Team

Godrej Properties, a prominent real estate developer, has successfully concluded a substantial land deal worth over $350 crore. The agreement, reached on Thursday, involves the acquisition of a sprawling 109-acre land parcel from Rohit Agrawal, a Nagpur-based businessman.

This strategic land acquisition is situated in a prime location, nestled between the Mihan-SEZ and the Samruddhi Expressway, enhancing its desirability and potential for development. Notably, this marks Godrej Properties' second significant purchase in Nagpur, following their acquisition of 58 acres for 7227 crore near Besa in April of the previous year.

The recent transaction comprises two components, with one portion involving a cash transaction and the remainder being comprised of developed land valued at over $100 crore, which Godrej Properties will transfer to the seller, as per insider sources.

A press release issued by Godrej Properties stated that the forthcoming development on this acquired land will primarily focus on individual residential units, offering an estimated saleable area spanning an impressive 2.2 million square feet. This move underscores the company's commitment to expanding its real estate portfolio and providing quality housing solutions in high-demand regions.

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