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Mumbai-based Godrej Properties (GPL) has acquired about 12.5 acres of land in Rajendra Nagar in Hyderabad. This marks the entry of the company in Hyderabad. Gaurav Pandey, MD, and CEO of Godrej Properties, said the company is entering Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country.
The development on this land is estimated to have a potential of approximately 4 million sq. ft. of saleable area comprising primarily of premium residential apartments with an estimated revenue potential of about INR 3,500 crore.
With a focus on providing high-quality living experiences with modern amenities, the project aims to cater to the preferences of discerning homebuyers in Hyderabad.
The location of the land parcel in Rajendra Nagar is considered to be a prime location. Rajendra Nagar boasts well-established physical and social infrastructure, including schools, colleges, hospitals, and retail outlets, while also offering excellent connectivity to the Rajiv Gandhi International Airport and key social and commercial hubs within Hyderabad.
In January 2024, GPL bought two land parcels measuring 5 acres in total in the Yeshvantpura area in Bengaluru, where it plans to develop premium residential apartments. The project is estimated to generate a revenue of INR 1,250 crore from sales.
Seeking to encash strong housing demand, Godrej Properties has set a target of acquiring multiple land parcels during this fiscal that can help generate revenue of around INR 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of INR 32,000 crore post-development.
Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country. It has a major presence in the Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR (National Capital Regions), and Bengaluru.
Godrej Properties Ltd (GPL) recently reported a growth of 11.21% in its net consolidated profit during the quarter ended December 30, 2024. Its sales bookings increased by 76% year-on-year to INR 5,720 crore during the period on the back of increased housing demand. Its profit after tax stood at INR 62.72 crore in Q3 FY24 as against INR 56.49 crore it registered in Q3 FY23. Its net consolidated total income stood at INR 548.31 crore in Q3 FY24, a growth of 35.53% from INR 404.58 crore it recorded in Q3 FY23.
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