Godrej Properties Ltd, one of the few Indian real sector majors to come out unscathed from the recent economic volatility, has announced its entry into the Hyderabad market.
The Mumbai-based developer has entered Hyderabad with the purchase of a 12.5 acre land parcel in the Rajendra Nagar area. The plan, it said, is to develop a premium housing project with expected sales revenue of Rs 3,500 crore.
Before this, the company has had projects in its core market of Mumbai, besides branching out to Delhi-NCR, Pune, Bangalore, Chennai and Kolkata over the last few years.
GPL's core market footprint is in Mumbai where it has delivered over 18 million square feet of real estate, followed by National Capital Region, incuding Delhi, Noida, Greater Noida and Gurgaon.
Besides these two regions, Godrej Properties has a growing presence in other top cities like Bangalore, Chennai, Pune and Kolkata through joint developments and new acquisitions.
The company is expected to enter other markets such as Kochi, Chandigarh and Nagpur also with land acquisitions and partnerships.
Hyderabad Project
As per the company, the acquired land has the development potential of around 4 million square feet of saleable area which would consist mainly of high-end residential apartments. The company aims to cater to homebuyers looking for a luxury living experience equipped with modern amenities.
Rajendra Nagar is an established location with good social infrastructure comprising schools, hospitals, retail outlets and connectivity to key areas of Hyderabad.
The company said the move to enter Hyderabad is in keeping with its strategy to expand across Indias leading cities.
Hyderabad has been a well performing real estate market, and has given tough competition to bigger cities like Chennai in recent years. The presence of IT/ITeS, infrastructure and medical industries has been a key differentiator for the city.
Godrej Properties has launched several high-profile projects in 2023.
Among these is a 58-acre township in Manor, Palghar located on the outskirts of Mumbai. The project will comprise residential complexes as well as commercial spaces. GPL expects it to generate over Rs. 3,500 crores in sales revenue over the next 5-7 years.
Another major Mumbai project is the redevelopment of a 12-acre mill land in Prabhadevi into a premium mixed-use development comprising high-end residential towers and commercial spaces. Dubbed Godrej Skyline, it will have around 2 million square feet of saleable area with expected revenue of Rs. 7,000 crores.
In Delhi-NCR, Godrej Properties has partnered with the land owning agency to develop a group housing project in Okhla. Spread over 13 acres, it will have around 3,000 residential units along with recreational spaces. The total development outlay for the project is around Rs. 8,000 crores.
In Bengaluru, the company announced a joint venture with Century Real Estate to develop a 10-acre plotted development project near Devanahalli. The plots in this project are in a premium gated community targeted towards affluent buyers.
GPL also continues to expand its presence in Pune where it has a residential project upcoming in Undri comprising 1,500 apartment units across 5 towers. And in Ahmedabad, it has started the development of a 100-acre township in Jagatpur.