Godrej Properties Buys 109-Acre Land in Nagpur, to Launch Residential Plots
Real estate company Godrej Properties Ltd has announced its acquisition of approximately 109 acres of land in Nagpur, where it intends to launch residential plots. The company revealed in a regulatory filing that the development on this land will primarily consist of residential units in a plotted format, offering an estimated saleable area of 2.2 million square feet. The specific financial details of the deal and the identity of the seller have not been disclosed.
Gaurav Pandey, the MD and CEO of Godrej Properties, expressed that this land acquisition strengthens the company’s presence in Nagpur. Following the resurgence in housing demand after the COVID-19 pandemic, Godrej Properties has been actively procuring land parcels, both outright and through partnerships with landowners, as part of its expansion strategy. The demand for residential plots has also been on the rise.
Godrej Properties, a subsidiary of the diversified conglomerate Godrej Industries, is a prominent player in the real estate sector in India. Its primary focus for residential project development lies in the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune markets. The company anticipates a 14 percent growth in sales bookings for the current fiscal year, reaching a record figure of Rs 14,000 crore.
In the first quarter of the 2023-24 fiscal year, Godrej Properties reported a decline of 11 percent in sales bookings, amounting to Rs 2,254 crore compared to Rs 2,520 crore in the same period the previous year. However, the company’s consolidated net profit for the June quarter increased nearly threefold, reaching Rs 124.94 crore, compared to Rs 45.55 crore in the corresponding period last year. Total income during the first quarter of the current fiscal year rose to Rs 1,265.98 crore from Rs 426.40 crore in the same period in the previous year.
Furthermore, Godrej Properties recently announced the sale of approximately 670 flats, valued at over Rs 2,000 crore, in its new housing project in Noida due to strong demand.
Picture Courtesy: Google/images are subject to copyright
