Godrej Properties Buys 12 Acres Land In Pune To Build Housing Project

Realty firm Godrej Properties Ltd. on Tuesday said it has acquired 12 acres of land in Pune for development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore.

According to a regulatory filing, the company has, on outright basis, acquired a 12-acre land parcel in Mundhwa-East, Pune. The development on this land will primarily be for a premium group housing project.

The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately Rs 2,000 crore, it added.

Mohit Malhotra, MD and CEO, Godrej Properties, said, "Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities."

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers of the country.