Godrej Properties (GPL) will acquire about 7.44 acre land parcel at New Alipore, Kolkata from West Bengal Housing Infrastructure Development Corporation, having been declared as the highest bidder in its e-auction, it said in a BSE filing.
GPL will develop this land parcel as a luxury group housing project.
The project will have a developable potential of approximately 9.8 lakh sq ft with an estimated revenue potential of approximately Rs 1,200 crore.
Gaurav Pandey ,MD & CEO of the company said, “The demand for luxury realty has been strong over the past few years. This will be our second luxury development in the city.”
The company recorded a growth of 75.48 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 453.87 crore in Q4 FY23 as against Rs 258.65 crore it registered in the corresponding quarter of the previous fiscal.
Its net consolidated total income stood at Rs 1,838.82 crore in Q4 FY23, a growth of 20.77 per cent from Rs 1,522.57 crore it recorded in the similar quarter last year.