Home Business Godrej Properties Eyes Rs 3,000 Crore Sales Revenue From 14-Acre New Land In Gurugram

Godrej Properties Eyes Rs 3,000 Crore Sales Revenue From 14-Acre New Land In Gurugram

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Godrej Properties is anticipating round Rs 3,000 crore gross sales income from improvement of a brand new housing mission in Gurugram.

In a regulatory submitting, the corporate stated 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 can have an estimated income potential of about Rs 3,000 crore, it stated.

Godrej Properties is increasing aggressively to encash rise in housing demand. It’s buying land outrightly and in addition getting into into partnership with land homeowners to develop new tasks.

Earlier this month, Godrej Properties Government Chairman Pirojsha Godrej had stated, “We’ve added tasks price 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 mission, the corporate has added tasks price practically Rs 20,000 crore to this point this fiscal yr.

Godrej Properties stated this will likely be one in every of its largest residential developments in Gurugram.

Gaurav Pandey, MD & CEO Designate, Godrej Properties, stated this mission will enable the corporate to considerably enhance market share in Gurugram over the following a number of years.

The addition of this mission “matches 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 among 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 seemed to broaden their presence to encash revival in demand.

Other than 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 tasks 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 gained 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 via public sale. The overall acquisition price would attain Rs 1,200 crore, together with lease hire and registration prices.

In August, Max Ventures & Industries Ltd (MaxVIL), which is a part of Max Group, gained a bid to accumulate about 4 acre in Noida for Rs 220 crore for improvement of a industrial mission.

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 Street in Gurugram.

Lately, County Group bought a 28-acre land in Noida for about Rs 450 crore to develop a luxurious housing mission. 

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