New Delhi: Godrej Properties Ltd on Monday said it will acquire 26.58 acres of prime property in the national capital for ₹1,359 crores.
Terming it one of the largest land transactions in recent past, the Mumbai-based real estate developer said the acquisition value of ₹1,359 crore will be paid in instalments over several years as stipulated in the tender documents.
The land parcel will be purchased from the Railway Land Development Authority and is situated in the city's Ashok Vihar area.
"Spread over 26.58 acres, this development will offer about 3 lakh square meters (3.28 million sq. ft.) of development potential and will be developed as a luxury group housing project. The site is surrounded by parks on three sides offering stunning park and city views," the company said in a statement.
"We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents," said Pirojsha Godrej, executive chairman Godrej Properties, said.
This is the company's second project in Delhi after the launch of Godrej South Estate in Okhla in 2019. Godrej Properties has developed many residential projects in other parts of the national capital region, including Gurgaon and Noida.
At 0943am, shares of Godrej Properties were down 0.5% at ₹1,135 rupees on the BSE.