Godrej Properties buys 60-acre land in Chennai for housing project

New Delhi: Godrej Properties on Friday said it has acquired a 60-acre land in Chennai to develop a residential project, as it seeks to expand business amid rise in housing demand.

In a regulatory filing, the company informed that it has purchased the land on an outright basis in the micro market of Oragadam Junction, Chennai.

The company did not disclose the deal value.

"Spread across 60 acre, the proposed project is estimated to have a developable potential of approximately 1.6 million square feet of saleable area, comprising primarily of residential plotted development," the filing said.

Gaurav Pandey, MD & CEO, Godrej Properties, said, the acquisition of this land parcel fits with its strategy of deepening the company's presence across India's leading cities.

"We will aim to build an outstanding plotted development project in Chennai that creates long-term value for its residents," he added.

Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.

It mainly focuses on four cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

Godrej Properties has set a target of Rs 10,000 crore of sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.

It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.

Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on future development of projects.

It is aggressively acquiring land parcels either outright or in partnership with land owners.

As per the plan, Godrej Properties has already added around 12 land parcels this fiscal year with an estimated sales potential of more than Rs 20,000 crore.

With three months still left in 2022-23 fiscal year, Godrej Properties might add another Rs 5,000-10,000 crore worth projects in its portfolio.

Recently, the company bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project.

Last month, Godrej Properties purchased about 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.

In December only, Godrej Properties bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.

It also partnered with landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.

In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.