BackGodrej Properties acquires land in Pune for ₹2000 crore group housing project
The project is expected to have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately ₹2,000 crore.
PremiumIndia's one of the leading real estate developer, Godrej Properties on Tuesday announced the acquisition of a 12-acre land parcel in Mundhwa -East, Pune. The project is expected to have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately ₹2,000 crore. The development on this land will primarily be for a premium group housing project.
Mohit Malhotra, MD & CEO, of Godrej Properties, said, "Mundhwa is an important micro market in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities."
In its regulatory filing, Godrej Properties stated that among the most centrally-located residential areas in Pune, the location has established physical and social infrastructure and offers excellent connectivity to all major social and commercial hubs of Pune city. Also, it is in close proximity to upmarket Koregaon Park.
On Monday, Godrej Properties shares closed at ₹1,260.55 apiece marginally up. The company's market cap is around ₹35,045.93 crore.
Last week, Godrej Properties entered into an agreement for the outright purchase of a land parcel in the fast-developing micro market of Manor, Palghar. This project is spread across 50 acres and is estimated to have a developable potential of approximately 1.2 million square feet of the saleable area comprising primarily of residential plotted development.
The company will be announcing its financial performance for the quarter ending September 30, 2022 (Q2FY23) period on November 9. The company's stocks will be in focus.
In Q1FY23, the company posted a consolidated net profit of ₹46 crore registering a 168% yoy growth, while total income climbed by 61% yoy to ₹375 crore. During Q1 of this fiscal, the company witnessed the highest-ever quarterly sales with a total bookings value of ₹2,520 crore increasing by 407% from the same period a year ago.
Godrej Properties aims to achieve ₹10,000 crore booking value for the current fiscal FY23.
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 125- year legacy of excellence and trust with a commitment to cutting-edge design, technology, and sustainability.
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