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Godrej Properties forays into Hyderabad, acquires 12.5-acre land parcel


Godrej Properties, the real estate development arm of Godrej Group has forayed into Hyderabad property market with acquisition of over 12.5 acre of land in the southern city’s Rajendra Nagar locality.

The development on the land parcel, located in this strategic and high-potential area, is estimated to have a potential of over 4 million sq ft of saleable area with an estimated revenue potential of Rs 3,500 crore based on the current business assumptions.

The company is planning to develop a project consisting primarily of premium residential apartments of various configurations catering to the home buyers looking for a high-quality living experience with modern amenities and design.

“We are foraying into Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents,” said Gaurav Pandey, MD & CEO, Godrej Properties.

Rajendra Nagar has a well-developed physical and social infrastructure with the presence of schools, colleges, hospitals, and retail outlets. The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial hubs of Hyderabad city.

Hyderabad is expected to be an important market for the Mumbai-based developer in the years ahead, the company said. The city witnessed registration of 71,912 residential properties in 2023, up 5% from a year ago, while registration value increased 14% to Rs 38,395 crore, showed data from property consultant Knight Frank India.“The residential real estate sector in India has been strong over the past three years and we believe the real estate cycle will continue to strengthen over the next few years,” Pirojsha Godrej, executive chairperson, Godrej Properties said in a recent interaction with ET. “The significant levels of business development we have executed in previous years at favourable terms provides us the opportunity to exponentially scale our business in the years ahead.”Godrej is confident the company will significantly exceed its bookings guidance of Rs 14,000 crore for the current financial year and deliver best-ever annual performance in terms of cash collections and project deliveries.

In the December quarter, the company added one group housing project in Bengaluru with an estimated booking value of Rs 1,250 crore, taking the nine-month count to six additions with an estimated booking value of Rs 8,425 crore. It launched eight new projects or phases during this period across five cities.

The December quarter marked Godrej Properties’ highest ever quarterly sales for the second quarter in a row, witnessing total booking value of Rs 5,720 crore with 4.34 million sq ft of area sold. The developer’s consolidated net profit grew 6% on-year to Rs 62 crore in the quarter to December. Total income for the period surged 43% to Rs 524 crore.

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