Godrej Properties has acquired around 9 acres of land at Gurugram in Haryana and has forecast to earn potential revenue of Rs 2500 crore on the residential project.
The developer said in a statement that the golf course road widening project will provide 1.6 million square feet of premium residential development, without indicating the value of the sale price and the name of the seller.
Golf Course Road Extension is a premium location offering quality residential, corporate and commercial parcels to real estate developers.
"Gurugram is an important market for us and Golf Course Road Extension is a well-established premium convenience store with good civic and social infrastructure. Our goal is to build premium residential spaces with the best amenities," said Gaurav Pandey, Managing Director and appointed CEO of Godrej Properties. The initiative will give business the opportunity to grow its market share in Gurugram and solidify its position in important micro markets.
The National Capital Region (NCR) region, particularly Haryana, was in the company's sights. Earlier this week, it bought around 62 acres of land in Kurukshetra for around Rs 100 crore to develop a planned residential project with potential income of Rs 550 crore.
Godrej Properties, part of Godrej Group, is a dominant player in the real estate market with a primary focus on the Delhi-NCR, Mumbai Metropolitan Region (MMR), Bangalore and Pune markets.
Also Read: McDonald's opens first mostly 'non-human-run' store in Texas