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Godrej Properties has acquired a 5-acre land parcel in Kokapet, Hyderabad, through an HMDA e-auction and plans a premium residential project with a saleable area of 2.5 million sq ft and revenue potential of INR 4,150 crore. This follows a previous acquisition in Kukatpally and the launch of two projects that have sold INR 2,600 crore worth of properties this year. The company is actively expanding in high-potential cities through strategic acquisitions and joint development agreements, recording strong sales growth and targeting INR 32,500 crore in bookings for this fiscal.
Godrej Properties has purchased a 5-acre land parcel in Hyderabad through an auction and plans to develop a premium residential project valued at around INR 4,150 crore. The acquisition was made via an e-auction conducted by the Hyderabad Metropolitan Development Authority (HMDA) for a site in Neopolis, Kokapet. The company emerged as the highest bidder on the MSTC Ltd. e-tendering portal, and the authority will issue the allotment letters after completing the due process. Advertisement
The proposed project is designed as a high-end residential development with a saleable area of approximately 2.5 million sq ft and a revenue potential of INR 4,150 crore. This follows the company's earlier acquisition of a 7.825-acre land parcel in Kukatpally, Hyderabad, in August. Since entering the Hyderabad housing market, Godrej Properties has launched two projects in the city, selling properties worth INR 2,600 crore in the current calendar year.
Gaurav Pandey, MD & CEO of Godrej Properties, noted that Hyderabad continues to show strong fundamentals, backed by robust infrastructure growth and consistent demand for quality housing. He highlighted the company's commitment to expanding its presence in this high-potential market through strategic acquisitions and differentiated developments.
In line with its bullish outlook on housing demand across major Indian cities, Godrej Properties is acquiring multiple land parcels this fiscal year. These acquisitions have added a revenue potential of over INR 20,000 crore. The company follows a dual approach to land development, acquiring properties outright and entering into joint development agreements (JDAs) with landowners.
Godrej Properties, one of India's leading real estate developers, recorded a 13% growth in sales bookings to INR 15,587 crore in the first six months of the current fiscal year, up from INR 13,835 crore in the same period last year. The company is confident of achieving its annual sales bookings target of INR 32,500 crore. In the 2024-25 fiscal, the company sold properties, primarily residential, worth INR 29,444 crore. Its developments span group housing projects in Delhi-NCR, Mumbai Metropolitan Region, Pune, Bengaluru, and Hyderabad, while also offering housing plots in various tier II and III cities.
Source PTI
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