Godrej Properties buys 62 acre land in Kurukshetra for plotted development project

With an objective to develop a plotted residential project, realty firm Godrej Properties has purchased around 62 acres of land in the Kurukshetra district of Haryana. The cost of the land is Rs. 100 crore and the firm is eyeing a revenue of Rs. 550 crores from the property.

The project aims to provide about 1.4 million square feet of plotted residential development, according to a regulatory filing by the company.

The company didn't disclose the amount of the deal, however, local brokers peg the price of the property to be around Rs. 100 crore, according to the news agency PTI.

"Haryana has been a key market for us and we look forward to further strengthening our presence in Haryana with this project," Gaurav Pandey, MD & CEO Designate, Godrej Properties said.

Kurukshetra is a self-sufficient city with good infrastructure including schools, hospitals, etc. The place also has historical and religious significance.

The investment by Godrej in Kurukshetra is an addition to the other important projects the company has taken up recently, including the purchase of 18.6-acre land at Kandivali in Mumbai. The company plans to develop a premium housing project with an estimated sales revenue of ₹7,000 crores through the project.

Recently, the company also announced its partnership with a landowner for the joint development of 14.27 acres of land in the Gurugram district of Haryana. The company plans the development of a housing project on this land and expects Rs. 3000 crores as the sales revenue.

In November, the company won two adjacent land parcels totaling 12.4 acres in Noida in a deal worth Rs. 377 crores.

The company is looking towards enchasing the high house demand and currently is in an aggressive expanding phase. The tie-ups with the landowners are helping Godrej to distribute risks and expand more swiftly in the market.

In terms of new business development, the company has already crossed its full-year guidance of ₹15,000 crore, according to Godrej Properties Executive Chairman Pirojsha Godrej.

"Given strong further visibility, we will end the 2022-23 fiscal much ahead of the target," he said.

The Kurukshetra project takes the worth of the company's total project to around Rs. 20,000 crores so far this fiscal.

(With inputs from PTI)