Godrej Properties (GPL) has acquired a 9 acres land parcel in Pimpri-Chinchwad to develop a group housing project, the company said in a BSE filing.
The project has a developable potential of approximately 1.7 million sq ft of saleable area with an estimated revenue potential of approximately Rs 1,400 crore.
Mohit Malhotra, MD & CEO of the company, said, “This will further expand our presence in Pune and fits with our strategy of deepening our presence in key micro markets across India’s leading cities.”
The company recently entered into an agreement to develop a 33 acres land parcel along Bannerghatta Road in South Bengaluru. The agreement was for an outright purchase with about 5% area share to the landowners.
It had a developable potential of approximately 3.4 million sq ft of saleable area with an estimated revenue of approximately Rs 2,000 crore.