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godrej properties: Godrej Properties acquires 110 acres in Nagpur for residential plots


Godrej Properties has acquired nearly 110 acres of land parcel in Nagpur where Godrej Group’s property arm plans to develop plotted residential units, with a saleable area exceeding 2 million square feet.

The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting Mumbai and Nagpur, and the MIHAN Special Economic Zone (SEZ). “The addition of this new project to our portfolio fits within our strategy of strengthening our presence across key micro-markets in India,” said Gaurav Pandey, MD & CEO of Godrej Properties. The company did not disclose the deal size.

Godrej Properties has been looking to leverage its brand and financial position to tap consolidation opportunities in the real estate sector through outright acquisitions, alliances, and joint development agreements for land parcels.

In July, Godrej Properties emerged as the highest bidder for two luxury group housing plots in the Golf Course Road micro-market of Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres, respectively, are estimated to have a combined revenue potential of around Rs 3,100 crore.

It acquired a land parcel spread over 4 acres near Koregaon Park, an upmarket residential area in Pune, in April. The company plans to develop a luxury group housing project on this land parcel.

The proposed project will have a developable potential of around 7,50,000 sq ft with an estimated revenue potential of around ₹1,000 crore, based on the current rates in the area.In March, the developer acquired a land parcel spread over 28 acres near Outer Ring Road and Whitefield neighbourhood in Bengaluru to develop a mixed-use project consisting of apartments and retail development. Prior to that, the company had acquired Bollywood producer, director and actor Raj Kapoor’s bungalow in Mumbai’s Chembur suburb to develop a premium residential project.Godrej Properties’ profit nearly tripled to Rs 125 crore in the June quarter on the back of a near-fourfold rise in total income at Rs 1,315 crore.

Industry experts believe the ongoing market consolidation in favour of large and established developers will gain momentum owing to their execution ability and access to liquidity while bond yields and cost of capital head north.


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