Godrej Properties has acquired about 46-acre land parcel in Indore. The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of ~1.16 million sq ft.
Gaurav Pandey, MD & CEO of the company said, “This aligns well with our ongoing growth strategy of entering fast-growing cities from a plotted development perspective.”
The proposed expansion of Metro lines, the growth of corporate and IT sectors, and ongoing infrastructure development have further contributed to the growth of the residential real estate market in the city.
The company recently raised Rs 1,275.40 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The allotment committee of the board of directors approved the allotment of 93,540 unsecured redeemable NCDs of the face value of Rs 1 lakh each, totaling Rs 935.40 crore.
It also approved the allotment of 34,000 such NCDs, aggregating to Rs 340 crore.
