Leading real estate player Godrej Properties Ltd on Friday evening said that it has acquired about 15 acres of land in Gurugram, Haryana, for the development of premium residential apartments. The land has been acquired through an outright purchase, the company said in a filing to the stock exchanges.
However, the company has not mentioned the cost of acquiring the land or the revenue potential it is likely to have.
This comes after the Mumbai-based real estate company acquired nine acres of land in Gurugram in December 2022 through an outright purchase for a premium residential project. With an estimated revenue potential to the tune of Rs 2,500 crore, the project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities.
Before that, the real estate developer purchased 62 acres of land at Kurukshetra in Haryana.
Godrej Properties posted a 40 percent jump in sales volumes for the financial year 2022-23. The management expected the momentum to continue into the current financial year as well.
Outgoing MD Pirojsha Godrej had predicted good visibility in the financial year 2024 and guided for a booking value of Rs 14,000 crore. For the financial year 2026, Godrej expected that number to reach Rs 20,000.
Earlier this month, Godrej Properties announced that it will acquire a 7.44-acre land parcel in New Alipore, Kolkata, for a luxury residential project. This would be the company’s second luxury residential project in Kolkata.
The project will have a developable potential of about 9.8 lakh square feet with an estimated revenue potential of about Rs 1,200 crore.
Shares of Godrej Properties are trading little changed at Rs 1,500.
Source : Cnbc Tv 18