Godrej Properties buys 53-acre land in Kolkata for about Rs 125 crore; to build Rs 500 crore worth project

New Delhi: Realty firm Godrej Properties Ltd has acquired 53-acre land in Kolkata for around Rs 125 crore to build a residential plotted development project.

Godrej Properties, one of the leading real estate firms in the country, is expecting a revenue of around Rs 500 crore from this upcoming project.

In a regulatory filing on Wednesday, the company informed that it has acquired about 53-acre land parcel in Joka, Kolkata.

"The proposed project is estimated to have a development potential of 1.3 million square feet of saleable area comprising primarily residential plotted development with an estimated revenue potential of Rs 500 crore," Godrej Properties said.

The company did not disclose the land cost.

Market sources, however, said the land cost would be around Rs 125 crore.

The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway.

Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, said, "This land acquisition fits our strategy of deepening our presence across India's leading cities. We will aim to build an outstanding plotted development project in Joka that creates long-term value for its residents." To expand the housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.

Godrej Properties has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and a total estimated booking value potential of around Rs 12,650 crore.

During the April-September period of this fiscal, Godrej Properties' sales booking value grew 89 per cent annually to over Rs 13,800 crore.

This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.

Godrej Properties became the largest listed real estate firm last fiscal in terms of sales booking.

During the last fiscal, Godrej Properties sales booking jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year. The company has given a target of achieving Rs 27,500 crore worth of sales booking in the current 2024-25 financial year.