Godrej Properties acquires 9-acre land in Gurugram to build Rs 2,500 cr worth housing project

New Delhi, Dec 29 (PTI) Godrej Properties has bought an about 9-acre land in Gurugram to develop a housing project with sales potential of Rs 2,500 crore. In a regulatory filing on Thursday, the company said it has acquired the land through an outright purchase. It did not mention the deal value and the name of the seller.

This project will offer about 1.6 million square feet of premium residential development. The project will have an estimated revenue potential of about Rs 2,500 crore. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road.

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 significantly increase our market share in Gurugram over the next several years, he added.

Sitting on a huge cashpile with plans to invest USD 1 billion, Godrej Properties is acquiring land — through outright purchase and partnership with land owners, for future development.

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 landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.

Last month, Godrej Properties won two adjacent land parcels totalling 12.4 acre in Noida for Rs 377 crore. Godrej Properties is expanding aggressively to encash rise in housing demand.

Earlier this month, Godrej Properties’ Executive Chairman Pirojsha Godrej had said that the compnay has already crossed the FY’23 guidance of Rs 15,000 crore in terms of sales bookings potential of new land acquisitions.

“Given strong further visibility, we will end 2022-23 fiscal much ahead of the target,” he had said.

With the addition of this project in Gurugram, the company has added projects worth more than Rs 20,000 crore so far this fiscal year. 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 portfolio.

Apart from Godrej Properties, realty firms like M3M Group, Elan Group, Max Ventures and Industries Ltd (MaxVIL) and County Group have purchased land parcels in the NCR.

Earlier this year, Elan Group bought a 40-acre 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.

M3M Group has bought a 13-acre land in Noida for Rs 827.41 crore through auction. In August, Max Ventures & Industries Ltd (MaxVIL), which is part of Max Group, won a bid to acquire about a 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 a 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.