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Godrej Properties is expecting around Rs 3,000 crore sales revenue from development of a new housing project in Gurugram.
In a regulatory filing, the company said it has “entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana.”
The development will comprise predominantly premium residential apartments.
The proposed development on 14.27-acre land will have an estimated revenue potential of about Rs 3,000 crore, it said.
Godrej Properties is expanding aggressively to encash rise in housing demand. It is acquiring land outrightly and also entering into partnership with land owners to develop new projects.
Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej had said, “We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full-year guidance of Rs 15,000 crore. Given strong further visibility, we will end 2022-23 fiscal much ahead of the target.”
With the addition of this project, the company has added projects worth nearly Rs 20,000 crore so far this fiscal year.
Godrej Properties said this will be one of its largest residential developments in Gurugram.
Gaurav Pandey, MD & CEO Designate, Godrej Properties, said this project will allow the company to significantly increase market share in Gurugram over the next several years.
The addition of this project “fits within our strategy of deepening our presence across key real estate micro-markets,” he added.
Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.
It mainly focuses on four cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.
The Delhi-NCR market has witnessed many land deals this year as builders looked to expand their presence to encash revival in demand.
Apart from Godrej Properties, realty firms like M3M Group, Elan Group, Max Estates and County Group have purchased land parcels in the NCR.
Earlier this year, Elan Group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects on the Dwarka Expressway. It also acquired a 7.65-acre land parcel in Gurugram from Ambience group for about Rs 200 crore.
Last month, Godrej Properties won two adjacent land parcels totalling 12.4 acre in Noida for Rs 377 crore.
M3M Group has bought 13-acre land in Noida for Rs 827.41 crore through auction. The total acquisition cost would reach Rs 1,200 crore, including lease rent and registration charges.
In August, Max Ventures & Industries Ltd (MaxVIL), which is part of Max Group, won a bid to acquire about 4 acre in Noida for Rs 220 crore for development of a commercial project.
MaxVIL had, in September, acquired Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR.
Acreage Builders owns 7.15 acre of land at Golf Course Road in Gurugram.
Recently, County Group purchased a 28-acre land in Noida for about Rs 450 crore to develop a luxury housing project.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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