Godrej Properties buys land in Hyderabad for Rs 1,300 cr housing project

Real estate developer Godrej Properties has secured a 3-acre plot in Kokapet, Hyderabad, to develop a residential project of 1.2 million square feet of saleable area with an estimated revenue potential of Rs 1,300 crore.

This is the company’s second land acquisition in Hyderabad, which will take the overall booking value potential added in the city to Rs 4,800 crore.

The strategic acquisition is in line with the company’s strategy of developing “high-quality residential projects” across India’s leading real estate markets, Godrej Properties said.

The developer highlighted that the acquisition complements its expansion strategy, bolstering the company’s foothold in the country. “We are pleased to add another project in Hyderabad, which is amongst the largest and fastest-growing residential real estate markets in the country. We will aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, managing director and chief executive officer, Godrej Properties.

Situated near the Outer Ring Road junction and Golden Mile Road in Kokapet, the land holds immense potential in one of Hyderabad’s prime real estate hubs. Kokapet boasts a robust social and civic infrastructure, including schools, hospitals, and retail spaces, making it an attractive investment destination. Its strategic location ensures easy access to the Rajiv Gandhi International Airport and key social and commercial districts across the city.

In February, Godrej Properties made its debut in Hyderabad by acquiring a 12.5-acre land parcel in Rajendra Nagar for Rs 350 crore. The project is poised to offer a 4 million square feet saleable area and generate an estimated revenue of Rs 3,500 crore from residential assets.

In a recent acquisition, Godrej Properties secured a 6.46-acre plot in Noida for Rs 506 crore, earmarked for a housing project estimated to yield Rs 3,000 crore in revenue. Additionally, the company has initiated a joint venture for a 62-acre township project in Bengaluru, expected to generate Rs 5,000 crore in revenue, emphasizing its commitment to expansive growth and development.

Godrej Properties, a subsidiary of the Godrej Group, is present in the Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, and Pune.

First Published: Mar 14 2024 | 10:51 PM IST