Godrej Properties Expands Maharashtra Presence with 90-Acre Land Acquisition
Godrej Properties shares dip marginally after acquiring 90-acre land parcel in Khalapur, Maharashtra, plans to develop 1.7 million square feet of residential plots.
Godrej PropertiesMaharashtraLand AcquisitionResidential Plotted DevelopmentReal EstateReal Estate MaharashtraAug 12, 2024
The acquisition happened shortly after the company won two plots in Greater Noida via an e-auction. The Greater Noida plots, spanning around 17.5 acre, comprising 9.5 acres in Sector Sigma-III and 8 acres in Sector 12, were secured for ₹842 crore.
This latest acquisition adds to their portfolio with plans to develop 1.7 million square feet of residential plots in Khalapur. The Mumbai-based real estate firm stated in a release that the land parcels together will offer a development potential of ~3.75 million square feet and an estimated revenue potential of over ₹5,000 crore comprising premium residential apartments of varied configurations.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region.We will aim to build an outstanding residential community that creates long-term value for its residents.
Frequently Asked Questions
What is the size of the land parcel acquired by Godrej Properties in Khalapur, Maharashtra?
The land parcel is approximately 90 acres.
What is the estimated revenue potential of the land parcels acquired by Godrej Properties?
The estimated revenue potential is over ₹5,000 crore.
What is the market capitalisation of Godrej Properties?
The market capitalisation of Godrej Properties surpassed $10 billion for the first time in Q1FY25.
What is the target bookings for Godrej Properties in FY25?
The target bookings for Godrej Properties in FY25 is ₹27,000 crore.
What is the net debt of Godrej Properties as of June 30, 2024?
The net debt of Godrej Properties grew to ₹7,432 crore as of June 30, 2024.
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