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Godrej Properties, a prominent real estate developer, has recently made a significant land acquisition in Gurugram, Haryana, underlining its commitment to expanding its real estate portfolio. The acquisition involved the purchase of approximately 15 acres of land in Gurugram's Sector 103 from Microtek Infratech for an agreement value of Rs 403 crore. The transaction was executed on June 22, 2023, in the name of Godrej Vestmark LLP, with a stamp duty of Rs 28.21 crore paid for the purchase.
This strategic acquisition strengthens Godrej Properties' presence in the National Capital Region (NCR), a key real estate market in India. While the company confirmed the acquisition through an outright purchase, it did not disclose specific details regarding the revenue potential or the nature of the project that will be developed on the newly acquired land.
This isn't the first time Godrej Properties has made significant land acquisitions to fuel its growth. In November 2022, the company announced the purchase of two adjacent land parcels measuring 12.4 acres in Noida for Rs 377 crore. This acquisition, conducted through an auction by the Noida Authority, marked Godrej's expansion into Noida's Sector 146, where it plans to develop residential group housing.
Furthermore, Godrej Properties had previously acquired nine acres of land in Gurugram in December 2022 through an outright purchase. This land acquisition was made for a premium residential project, aligning with the company's commitment to delivering high-quality and luxurious real estate offerings.
Notably, in Gurugram's Golf Course Road area, Godrej Properties is actively involved in developing luxury homes with a substantial revenue potential of Rs 3,100 crore. This project represents a prestigious addition to the company's portfolio and underscores its focus on delivering premium residential experiences in prime locations.
Godrej Properties, a subsidiary of the renowned Godrej Group, is among the leading real estate developers in India. The company has gained a reputation for its commitment to quality, innovation, and sustainability in real estate development. While it operates in various cities across India, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, it continually seeks opportunities for expansion and growth in the dynamic Indian real estate market.
This latest land acquisition in Gurugram reaffirms Godrej Properties' vision and dedication to offering exceptional real estate solutions in strategically important regions. The specific plans for the newly acquired land will likely be unveiled in the future, adding another exciting chapter to Godrej Properties' real estate journey.
In conclusion, Godrej Properties' acquisition of 15 acres of land in Gurugram's Sector 103 from Microtek Infratech for Rs 403 crore signifies its robust expansion strategy and focus on growth in the Indian real estate market. While the company has not disclosed the project's details, it adds to a series of significant land acquisitions in recent times, emphasizing its commitment to delivering high-quality residential offerings in key cities like Gurugram and Noida. As a leading player in the industry, Godrej Properties continues to shape India's real estate landscape with innovative and sustainable developments.
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