Godrej Properties buys 60-acre land in Chennai to develop housing project

Godrej Properties on Friday said that it has acquired a 60-acre piece of land in Chennai for residential development as it looks to expand its business amid high demand for housing.

In a filing with regulators, the company has reported that it has bought the land at the Oragadam Junction mini-market, Chennai. The company did not disclose the value of the deal.

According to the statement, the proposed project would cover 60 acres and have a development potential of over 1.6 million square feet of saleable space, mostly for residential construction.

Gaurav Pandey, managing director and chief executive of Godrej Properties, said the acquisition of this land fits with his strategy to deepen the company's presence in major cities in India. He continued, "We will strive to construct a unique planned development in Chennai that would provide long-term value for its citizens.

Godrej Properties, part of the Godrej Group of companies, is one of the leading real estate developers in the country. It mainly focuses on four cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

Godrej Properties has set a target of Rs 10,000 crore for sales bookings for 2022-23 against Rs 7,861 crore recorded during the last fiscal year. It has already registered a 60 per cent growth in sales bookings during the first half of this fiscal year to Rs 4,929 crore as against Rs 3,072 crore in the last year period.

Early last year, Godrej Properties CEO Pirojsha Godrej announced that he would invest 1 billion dollars in further development of the projects. Aggressively acquire parcels of land, either directly or in partnership with land owners. As per the plan, Godrej Properties has already added around 12 plots in this fiscal year with an estimated sales potential of more than Rs 20,000 crore.

With three months left in the 2022-23 fiscal year, Godrej Properties may add other projects worth Rs 5,000 to Rs 10,000 crore in its portfolio. The company recently purchased a 9-acre piece of land in Gurugram for around Rs 300 crore to develop a housing project.

Last month, Godrej Properties bought around 62 acres of land in Kurukshetra, Haryana for more than Rs 100 crore to develop a planned residential development. In December alone, Godrej Properties purchased an 18.6-acre piece of land in Kandivali, Mumbai to develop a premium residential development with an estimated sales revenue of Rs 7,000 crore.