Godrej Properties to buy 7.44-acre land parcel in Kolkata, to build housing project of Rs 1200 cr sales value

New Delhi: Godrej Properties has emerged as the highest bidder to acquire 7.44-acre land parcel in Kolkata for development of a luxury housing project, which has an estimated sales revenue potential of around Rs 1,200 crore.

In a regulatory filing, realty firm Godrej Properties Ltd informed that it will acquire a 7.44-acre land parcel at New Alipore in Kolkata from West Bengal Housing Infrastructure Development Corporation Ltd.

The company has been declared as the highest bidder in an e-auction, it said, but did not disclose the bidding amount.

Godrej Properties will develop this land parcel as a luxury group housing project.

"The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore," the company said.

Godrej Properties is one of the leading real estate developers in the country. It is developing projects across various cities but has a greater presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

To expand business, the company has been aggressively acquiring land outrightly and also entering into joint development agreements (JDAs) with landowners to create a pipeline for future development.

In the last financial year, Godrej Properties added new land banks to develop housing projects with an estimated sales value of Rs 32,000 crore.

During 2022-23, the company's sales bookings rose 56 per cent year-on-year to reach an all-time high of Rs 12,232 crore.