Godrej Properties has acquired 58 acres of land in Nagpur. The development on this land will comprise primarily of plotted residential units and will offer an estimated saleable area of 1.5 million sq. ft.
Mohit Malhotra, MD & CEO, Godrej Properties, said, “This fits with our strategy of strengthening our presence in key residential markets across the country.”
The company recently acquired 9 acres land parcel in Pimpri-Chinchwad to develop a group housing project. 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.
It had also 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.