Godrej Properties Acquires 109 Acres Land Parcel in Nagpur For Residential Project
The project will have an estimated saleable area of about 2.2 million square feet
Godrej Properties Ltd. continued its land-buying spree by acquiring around 109 acres of land in Nagpur.
The development on this land will comprise primarily of plotted residential units and will offer an estimated saleable area of 2.2 million square feet, the real estate developer said in an exchange filing.
The land parcel is strategically located near Samrudhhi Mahamarg—the expressway connecting the cities of Mumbai and Nagpur—and Mihan Special Economic Zone. It also offers connectivity to the Mumbai-Kolkata highway and Dr. Babasaheb Ambedkar International Airport in Nagpur.
“We are happy to add this new project in Nagpur to our portfolio. This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence across key micro-markets in India," said Gaurav Pandey, managing director and chief executive officer at Godrej Properties.
The company had recently acquired land in Gurugram, Haryana, to develop premium residential projects. The company expects 14% growth in sales bookings this fiscal year to reach a record of Rs 14,000 crore, Pandey said during the Q1 earnings announcement.
The company will continue to add new land parcels for future developments, but it will scale down the pace, Executive Chairman Pirojsha Godrej told PTI in a May interview. Godrej Properties added 18 new projects in FY23, with a total estimated saleable area of nearly 29 million square feet and a total estimated booking value of around Rs 32,000 crore.
During the April-June quarter of the 2023–24 fiscal, Godrej Properties' sales bookings declined 11% to Rs 2,254 crore from Rs 2,520 crore in the year-ago period.
Shares of the company closed 2.78% lower at Rs 1,536.60 apiece, compared with a 0.92% decline in the benchmark Nifty on Thursday.