Godrej Properties buys 62-acre land in Kurukshetra for development of residential plots

Godrej Properties won two adjacent land parcels totalling 12.4 acres in Noida for Rs 377 crore. Godrej Properties is expanding aggressively to encash rising housing demand.

Realty firm Godrej Properties on Monday said it has purchased about 62 acres of land in Kurukshetra, Haryana to develop a plotted residential project. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of this land parcel. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, and hospitals and has significant historical and religious importance.

Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, the company has entered into Kurukshetra. “Haryana has been a key market for us and we look forward to further strengthening our presence in Haryana with this project,” he said. Earlier this month, Godrej Properties bought 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore. Recently, the company partnered with the landowner for the joint development of 14.27 acres of land in Gurugram, Haryana. It expects around Rs 3,000 crore in sales revenue from the development of a housing project on this land. Last month, Godrej Properties won two adjacent land parcels totalling 12.4 acres in Noida for Rs 377 crore.

Godrej Properties is expanding aggressively to encash rising housing demand. It is acquiring land outrightly and also entering into partnerships with landowners to develop new projects. Earlier this month, Godrej Properties Executive Chairman Pirojsha Godrej said that the company has already crossed its full-year guidance of Rs 15,000 crore in terms of new business development. “Given strong further visibility, we will end 2022-23 fiscal much ahead of the target,” he had said. With the addition of this project in Kurukshetra, the company has added projects worth more than Rs 20,000 crore so far this fiscal year.

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country. It mainly focuses on four cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune. The Delhi-NCR market has witnessed many land deals this year as builders looked to expand their portfolios. Apart from Godrej Properties, realty firms like M3M Group, Elan Group, Max Estates and County Group have purchased land parcels in the NCR.

Earlier this year, Elan Group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects on the Dwarka Expressway. It also acquired a 7.65-acre land parcel in Gurugram from Ambience group for about Rs 200 crore. M3M Group has bought 13-acre land in Noida for Rs 827.41 crore through auction. The total acquisition cost would reach Rs 1,200 crore, including lease rent and registration charges.

In August, Max Ventures & Industries Ltd (MaxVIL), which is part of Max Group, won a bid to acquire about 4 acres in Noida for Rs 220 crore for the development of a commercial project. MaxVIL had, in September, acquired Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land at Golf Course Road in Gurugram. Recently, the County Group purchased a 28-acre land in Noida for about Rs 450 crore to develop a luxury housing project.

Source: financialexpress