NEW DELHI: Realty major Godrej Properties is on an expansion spree in the northern market.
The Mumbai-based company on Thursday announced buying a 9-acre land in Gurugram to develop a housing project with a sales potential of Rs 2,500 crore. This project will offer nearly 1.6 million square feet of premium residential development.
Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, “Gurugram is an important market for us and we are happy to add this city center land parcel to our portfolio.This project will allow us to increase our market share in Gurugram over next several years and it fits within our strategy of strengthening presence in key micro markets.” Earlier this week, Godrej Properties purchased about 62 acre land in Kurukshetra (Haryana) for over Rs 100 crore to develop a plotted residential project.
In this month only, Godrej Properties has bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore. It also partnered with the landowner for joint development of 14.27 acre of land in Gurugram and expects nearly Rs 3,000 crore sales revenue from development of a housing project on this land.
Last month, it won two land parcels of 12.4 acre in Noida for Rs 377 crore. Godrej Properties’ executive Chairman Pirojsha Godrej recently said the compnay has crossed FY’23 guidance of Rs 15,000 crore in terms of sales bookings potential of new land acquisitions.