Godrej Properties (GPL) has acquired approximately 9 acres of land in Gurugram, Haryana through an outright purchase, the company said in a BSE filing. This project will offer approximately 1.6 million sq ft of premium residential development.
The project will have an estimated revenue potential of approximately Rs 2,500 crore.
Gaurav Pandey, MD & CEO designate of the company said, “This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of strengthening our presence in key micro markets.”
The company recently acquired approximately 62 acres of land through outright purchase in Kurukshetra. This project will offer approximately 1.4 million sq. ft. of plotted residential developments.
It also entered into a joint venture with Neelkamal Realtors Tower (NRTPL) for development of property situated at Cadastral Survey No. 1906 of Byculla Division, Mumbai. The project is being developed by the company through a special purpose vehicle, viz, Godrej Residency (GRPL), wherein the company will hold 50.01% and the balance 49.99% will be held by NRTPL.
It had previously entered into an agreement for development of 14.27 acres of land in Gurugram. The proposed development will comprise predominantly of premium residential apartments and will have an estimated revenue potential of approximately Rs 3,000 crore.