Godrej Properties buys 14-acre land in Pune for about Rs 800 cr to build homes

Realty firm Godrej Properties Ltd has acquired a 14-acre land in Pune for around Rs 800 crore to develop a housing project as part of its expansion plan.

In a regulatory filing on Monday, Godrej Properties said it will develop the 14-acre land parcel in Kharadi - Wagholi, Pune.

The development on this land will comprise primarily premium group housing.

''The project will have a developable potential of 3.7 million square feet with an estimated revenue potential of Rs 4,200 crore,'' the company said.

Godrej Properties did not mention the cost of acquisitions. However, according to market sources, the deal value is around Rs 800 crore.

''Kharadi - Wagholi is one of the most sought-after destinations in Pune, and we are happy to mark our entry into this micro market. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India," Gaurav Pandey, MD & CEO of Godrej Properties, said.

''We will aim to build a high-quality development that creates long-term value for its residents,'' Pandey said.

In the last fiscal, Godrej Properties bought 14 land parcels across major cities to build housing projects with a revenue potential of about Rs 26,500 crore.

The company bought these land parcels, all outright, in Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR, Bengaluru, Kolkata, Ahmedabad and Indore.

In an interview with PTI last month, the company's chairperson Pirojsha Godrej said, ''Last financial year, we added about Rs 26,500 crore worth of new projects, as against the guidance of Rs 20,000 crore. This fiscal, we are again giving guidance of Rs 20,000 crore. Quite likely, we will exceed this by a good margin''.

Mumbai-based Godrej Properties is one of the leading real estate developers in the country.

The company has a significant presence in MMR, Delhi-NCR, Bengaluru and Pune. It has recently entered the Hyderabad property market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)