&w=1024&resize=1024,0&ssl=1 "Godrej Properties secures 3 plots in Mumbai for Rs 3,500 crore residential project Company News")
Real estate firm Godrej Properties Limited has won the tender to acquire 3 contiguous plots of an aggregate area of 6.5 acres in the Mumbai Metropolitan Region (MMR) for a residential project with a revenue potential of Rs 3,500 crore.
In a regulatory filing on Wednesday, the company said it “has emerged as the highest bidder to develop a group housing project at a prime location in Sector 5-A in Kharghar, Maharashtra (CIDCO), according to city portal e- auction. and the Industrial Development Corporation.”
The 6.54-acre plot will offer a development potential of around 2 million square feet with an estimated total revenue potential of around Rs 3,500 crore, he added.
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The company did not disclose the contract price of these three adjacent plots.
Gaurav Pandey, MD and CEO, Godrej Properties, said, “Our entry into the Kharghar micro market fits well with our strategy of strengthening our portfolio in key real estate markets in India.”
Amid strong demand for housing, Godrej Properties continues to acquire land to expand its operations
During the July-September quarter, the company acquired six new plots for residential projects worth Rs 9,650 crore.
To expand its residential business, Godrej Properties acquires land through outright purchase and also enters into partnerships with landowners for joint development.
In its latest operational update for the July-September quarter, Godrej Properties said it has added 8 new plots in the first six months of the current fiscal with a total estimated salable area of approximately 11 million sq ft and a potential gross booking value of Rs 12,650 crore.
This includes addition of 6 new land parcels with an expected book value of Rs 9,650 crore in the second quarter of the current fiscal.
Godrej Properties said it has already achieved 63 per cent of its annual new business development (land acquisition) targets.
Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
Godrej Properties' sales bookings increased by 3 per cent to around Rs 5,200 crore in the second quarter of the current fiscal on the back of good housing demand.
This is the highest booking price for the second quarter (July-September) achieved by Godrej Properties.
During April-September this financial year, Godrej Properties' booked sales increased by 89 per cent year-on-year to over Rs 13,800 crore.
This is the highest booking value achieved by Godrej Properties in the first half of the financial year.
Last year, Godrej Properties became the largest listed real estate company in terms of sales bookings.
In the last financial year, Godrej Properties' sales bookings increased by 84 per cent to a record high of Rs 22,527 crore from Rs 12,232 crore in the previous year.
The company targeted to achieve sales of Rs 27,500 crore in the current financial year 2024-25.
(Only the headline and image of this report may have been modified by Business Standards staff; the rest of the content is automatically generated from a syndicated feed.)
