Godrej Properties is anticipating round Rs 3,000 crore gross sales income from improvement of a brand new housing challenge in Gurugram.
In a regulatory submitting, the corporate mentioned it has “entered into an settlement for improvement of 14.27 acres of land in Gurugram, Haryana.” The event will comprise predominantly premium residential residences.
The proposed improvement on 14.27-acre land may have an estimated income potential of about Rs 3,000 crore, it mentioned.
Godrej Properties is increasing aggressively to encash rise in housing demand. It’s buying land outrightly and in addition coming into into partnership with land house owners to develop new initiatives.
Earlier this month, Godrej Properties Govt Chairman Pirojsha Godrej had mentioned, “We now have added initiatives value Rs 16,500 crore to this point this monetary yr and have already crossed our full-year steerage of Rs 15,000 crore. Given sturdy additional visibility, we are going to finish 2022-23 fiscal a lot forward of the goal.” With the addition of this challenge, the corporate has added initiatives value almost Rs 20,000 crore to this point this fiscal yr.
Godrej Properties mentioned this will likely be one among its largest residential developments in Gurugram.
Gaurav Pandey, MD & CEO Designate, Godrej Properties, mentioned this challenge will permit the corporate to considerably enhance market share in Gurugram over the subsequent a number of years.
The addition of this challenge “suits inside our technique of deepening our presence throughout key actual property micro-markets,” he added.
Godrej Properties, which is a part of enterprise conglomerate Godrej Group, is likely one of the main actual property builders within the nation.
It primarily focuses on 4 cities — Delhi-NCR, Mumbai Metropolitan Area (MMR), Bengaluru and Pune.
The Delhi-NCR market has witnessed many land offers this yr as builders appeared to broaden their presence to encash revival in demand.
Aside from Godrej Properties, realty corporations like M3M Group, Elan Group, Max Estates and County Group have bought land parcels within the NCR.
Earlier this yr, Elan Group purchased 40 acres of land in Gurugram from Indiabulls Actual Property Ltd (IBREL) for Rs 580 crore for the event of housing and industrial initiatives on the Dwarka Expressway. It additionally acquired a 7.65-acre land parcel in Gurugram from Atmosphere group for about Rs 200 crore.
Final month, Godrej Properties received two adjoining land parcels totalling 12.4 acre in Noida for Rs 377 crore.
M3M Group has purchased 13-acre land in Noida for Rs 827.41 crore by way of public sale. The full acquisition value would attain Rs 1,200 crore, together with lease hire and registration costs.
In August, Max Ventures & Industries Ltd (MaxVIL), which is a part of Max Group, received a bid to amass about 4 acre in Noida for Rs 220 crore for improvement of a industrial challenge.
MaxVIL had, in September, acquired Acreage Builders at an enterprise worth of Rs 322.50 crore as a part of its technique to broaden its actual property enterprise in Delhi-NCR.
Acreage Builders owns 7.15 acre of land at Golf Course Highway in Gurugram.
Not too long ago, County Group bought a 28-acre land in Noida for about Rs 450 crore to develop a luxurious housing challenge.