Listed real estate developer Godrej Properties Limited (GPL) on October 21 announced that it has acquired three acres of land in Vastrapur area of Ahmedabad in Gujarat to develop a housing project with an estimated booking value of ₹1,300 crore.
The company did not disclose the deal value and the name of the seller.
“The development on this land is estimated to have a potential of around 0.9 million square feet of saleable area consisting primarily of residential apartments of various configurations with an estimated booking value of ₹1,300 crore,” the company said in a regulatory filing.
The company said that this acquisition is in line with GPL’s strategy of developing high-quality residential projects across India’s leading real estate markets.
According to the company, the land parcel in Vastrapur area of West Ahmedabad offers good social infrastructure and excellent connectivity to key areas of the city. The area is well-served by top schools and healthcare facilities.
Renowned landmarks, including IIM Ahmedabad, Vastrapur Lake Garden, Sabarmati Riverfront Project, and Nexus Ahmedabad One Mall, further enhance its appeal, the company said.
“We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India’s leading cities,” Gaurav Pandey, MD and CEO, Godrej Properties said.
“Additionally, Vastrapur’s proximity to business hubs like Navratna Business Park and Pinnacle Business Park makes it a prime location for residents seeking convenience, modern living, and accessibility,” the statement added.
On October 16, the company had announced that it has emerged as the highest bidder to develop a group housing project in Sector 5-A, Kharghar in Navi Mumbai, according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).
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The plots, measuring 6.54 acres in Navi Mumbai, will offer a development potential of around two million square feet, comprising residential apartments of varied configurations, with an estimated combined revenue potential of around ₹3,500 crore, the company had said.
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Godrej Properties has forayed into several tier-2 cities like Nagpur and Indore in the recent past and also announced a foray into Hyderabad real estate market last year.
In its latest operational updates, Godrej Properties said it has added eight new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around ₹12,650 crore.
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This included addition of six new land parcels in the second quarter of this fiscal with an expected booking value of ₹9,650 crore.
Booking value growth
The company on October 4 had said that it has reported booking value growth of three percent Year-on-Year (YoY) to ₹5,200 crore from sale of over 5.1 million sq ft in the Q2FY25. The company said this is the highest ever Q2 booking value achieved by Godrej Properties.
On the collections end, the company said Q2 FY25 collections stood at over ₹4,000 crore representing a YoY growth of 68% and H1 FY25 collections stood at over ₹7,000 crore representing a YoY growth of 62%. This is the highest Q2 and H1 collections achieved by Godrej properties respectively, the company said.