Construction Industry News
Godrej Properties has acquired approximately 109 hectares of land with a salable area of 2.2 million sq. ft. to develop primarily urbanized residential units in Nagpur, Maharashtra.
The land is located near the newly operational Samruddhi Mahamarg, the highway connecting the cities of Mumbai and Nagpur and the MIHAN Special Economic Zone (SEZ).
This acquisition is in line with Godrejs strategy to grow its portfolio in the city and strengthen its presence in key micro-markets in India. The location offers a well-developed social and municipal infrastructure, including hospitals, schools, shops and entertainment venues.
Godrej Group's real estate development division focuses on leveraging its brand and financial position to capture consolidation opportunities in the real estate segment through direct acquisitions, alliances and joint plot development agreements.
In April this year, the company acquired a plot of over four acres near Koregaon Park, a luxury residential area in Pune, to develop a luxury group housing project on the plot.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are pleased to add this new project in Nagpur to our portfolio. This further strengthens our presence in Nagpur and is in line with our strategy of strengthening our presence in key micro markets in India. “We will strive to build an excellent development project in Nagpur that creates long-term value for residents.”
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