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Godrej Properties is aggressively expanding its land bank this fiscal, targeting acquisitions that could generate up to INR 30,000 crore in development potential. The firm has already crossed its interim guidance of INR 20,000 crore, with key purchases in Nagpur (75 acres) and South Bengaluru (30 acres) contributing to this growth. With strong first-half sales bookings up 13 per cent year-on-year the company is confident of achieving its annual sales-booking target of INR 32,500 crore. Historically, Godrej has executed land acquisitions across major metro regions and tier-II/III cities to balance group housing and plotted development.
Godrej Properties remains optimistic about housing demand and plans to acquire several land parcels in the current fiscal year with a combined potential revenue of around INR 30,000 crore, a senior company official said earlier this week. The company is pursuing land deals both through outright purchases and partnerships with landowners in order to expand its project pipeline. Advertisement
In an interview, Pirojsha Godrej, Executive Chairperson of Godrej Properties, noted that land acquisitions in the first half of the fiscal have been strong and the pipeline for the second half appears attractive. The firm recently announced that it has already exceeded its initial business-development guidance of INR 20,000 crore. Godrej added that while the land market has heated up, the company remains cautiously optimistic about reaching INR 30,000 crore in gross development value (GDV) by the end of the fiscal year.
As part of this expansion, Godrej has acquired 75 acres of land in Nagpur to develop a housing project expected to generate around INR 755 crore the bulk of which will come from the sale of housing plots. Around the same time, the company acquired 30 acres in South Bengaluru for a township project with estimated revenue potential around INR 3,500 crore.
In terms of ongoing performance, Godrej's sales bookings rose by 13 per cent to INR 15,587 crore in the first six months of the fiscal, up from INR 13,835 crore during the same period last year. Based on this trajectory, Pirojsha Godrej expressed confidence that the company would meet its annual sales-bookings target of INR 32,500 crore. For context, in the previous fiscal year, the company sold properties worth INR 29,444 crore.
Godrej Properties typically focuses on group housing projects across major urban markets such as the Delhi-NCR region, the Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad, while also offering housing plots in several tier-II and tier-III cities.
Source PTI
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