Godrej Properties acquires 9-acre land in Gurugram for housing project

Godrej Properties has bought about 9 hectares of land in Gurugram to develop a housing project with sales potential of Rs 25 billion. It acquired the land through an outright purchase. It did not mention the deal value and the name of the seller.

This project offers approximately 1.6 million sqm of premium residential development. The project will have an estimated revenue potential of around Rs 25 billion. The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road.

Gaurav Pandey, MD & Designated CEO, Godrej Properties, said: “Gurugram is an important market for us and we are delighted to add this city center plot to our portfolio.” This project will enable us to significantly increase our market share in Gurugram in the coming years, he added.

Sitting on a huge greenhouse with plans to invest USD 1 billion, Godrej Properties is acquiring land - through direct purchase and partnership with landowners, for future development. Earlier this week, Godrej Properties bought about 62 hectares of land in Kurukshetra, Haryana for more than Rs 1 billion to develop a plotted residential project.

This month alone, Godrej Properties has bought 18.6 hectares of land in Kandivali in Mumbai to develop a premium housing project with an estimated turnover of Rs 70 billion. It also partnered with landowner for the joint development of 14.27 hectares of land in Gurugram and expects about Rs 30 billion in revenue from the development of a housing project on this land.

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