Godrej Properties buys 46-acre land in Indore for nearly Rs 200 cr to develop residential plots

Godrej

Godrej Properties Ltd announced on Wednesday that it has acquired a 46-acre plot of land in Indore for approximately Rs 200 crore. The company plans to develop housing plots as part of its expansion strategy to meet growing consumer demand. The development on this land will primarily consist of residential units and offer an estimated saleable area of around 1.16 million square feet, as stated in a regulatory filing by the company.

Sources indicated that the company has purchased the land outright for around Rs 200 crore. Gaurav Pandey, MD & CEO of Godrej Properties, confirmed the company’s entry into Indore, Madhya Pradesh with this acquisition. Pandey mentioned, “Residential plotted development has gained significant traction in recent years and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space.

This aligns well with our ongoing growth strategy of entering fast-growing cities from a plotted development perspective.” As one of the leading real estate developers in the country, Godrej Properties has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru markets.

In the previous financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over Rs 22,000 crore.