Godrej Properties (GPL) has acquired about 24-acres of land parcel in Indore. The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of 6.20 lakh sq ft.
In July 2024, the company had acquired 46 acres land on Indore-Ujjain Road.
“With residential plotted developments gaining momentum, the Indore bypass road presents a promising opportunity for us to expand,” said Gaurav Pandey, MD & CEO of the company.
In December 2024, the company had raised Rs 6,000 crore through the QIP route. As a result of the QIP, GPL’s Net Worth has increased by more than 50% while the equity dilution was 7.68%. GPL’s gearing ratio will come down to below 0.2:1. Jeffries, Morgan Stanley, Bank of America, and Kotak were the bankers for the QIP.
