Godrej Properties Acquires 90-Acre Land in Raigad, Maharashtra for Rs 150 Crore
Godrej Properties has acquired a 90-acre land parcel in Raigad, Maharashtra, with plans to develop and sell residential plots, capitalizing on the growing interest in residential plotted developments near Mumbai.
Godrej PropertiesReal EstateResidential Plotted DevelopmentMumbaiMaharashtraReal Estate MumbaiAug 12, 2024
The land parcel is strategically located, being about 70 kilometers from Mumbai, and in proximity to the Mumbai Trans Harbour Link and the Mumbai-Pune Expressway. This provides excellent connectivity to Mumbai, Navi Mumbai, and Pune.
Godrej Properties has been actively buying land in Tier II and Tier III locations for plotted development. Last month, the company acquired around 46-acre land parcels in Indore for plotted development. For group housing projects, Godrej Properties mainly focuses on the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad.
The company's sales bookings have seen a significant jump, with an 84 percent increase to a record Rs 22,527 crore in the last fiscal. Godrej Properties has set a target of achieving sales bookings of Rs 27,000 crore in this fiscal. The company has already seen a strong start to the fiscal, with sales bookings jumping nearly four times to Rs 8,637 crore in the first quarter.
Recently, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year. The total income grew to Rs 1,699.48 crore during April-June period of the 2024-25 fiscal from Rs 1,265.98 crore in the corresponding period of the previous year.
Godrej Properties is a leading real estate developer in India, with a strong presence in the Mumbai Metropolitan Region (MMR). The company has developed several iconic projects in the region, including Godrej Hillview Estate.
Information
Godrej Properties is a subsidiary of the Godrej Group, a diversified Indian conglomerate. The company was established in 1990 and has since become one of the leading real estate developers in India.
Godrej Properties is a trusted name in the Indian real estate industry, with a strong commitment to quality, innovation, and customer satisfaction. The company has developed several iconic projects across India, including residential, commercial, and township projects.
Frequently Asked Questions
What is the location of the land parcel acquired by Godrej Properties?
The land parcel is located in Khalapur, Raigad, Maharashtra, about 70 kilometers from Mumbai.
What is the development potential of the land parcel?
The land parcel has a development potential of around 1.7 million square feet of saleable area, primarily consisting of residential plotted development.
What is the target sales bookings for Godrej Properties in this fiscal?
Godrej Properties has set a target of achieving sales bookings of Rs 27,000 crore in this fiscal.
What is the significance of the land acquisition for Godrej Properties?
The land acquisition is significant for Godrej Properties as it marks the company's expansion in the region and capitalizes on the growing interest in residential plotted developments near Mumbai.
What is the current financial performance of Godrej Properties?
Godrej Properties has reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year, with a total income of Rs 1,699.48 crore.
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