In an electronic auction, Godrej Properties won the right to purchase 7.44 acres of property in Kolkata's New Alipore from the West Bengal Housing Infrastructure Development Corporation. Godrej Properties intends to build a luxurious group home project with an estimated developable potential of over 9.8 lakh square feet and a revenue potential of roughly Rs 1,200 crore on the site thanks to the land acquisition. The demand for luxury residences in Kolkata's real estate market has increased, and Godrej residences' acquisition positions the business to meet the city's expanding need for upmarket residential options.
Godrej Properties, a leading real estate developer, is set to acquire approximately 7.44 acres of land in New Alipore, Kolkata, from the West Bengal Housing Infrastructure Development Corporation. The company emerged as the highest bidder in an electronic auction for the land parcel. The acquisition will allow Godrej Properties to develop a luxury group housing project on the site, with an estimated developable potential of around 9.8 lakh square feet and a revenue potential of approximately Rs 1,200 crore.
Gaurav Pandey, MD & CEO of Godrej Properties, expressed confidence in the demand for luxury real estate in Kolkata and highlighted that this would be their second luxury development in the city. The company has been witnessing strong growth in the luxury segment over the past few years, reflecting the preferences of discerning buyers seeking high-quality homes.
Godrej Properties has been delivering impressive financial performance as well. In the quarter ended March 31, 2023, the company recorded a significant growth of 75.48% in its net consolidated profit. Its profit after tax stood at Rs 453.87 crore in Q4 FY23, a substantial increase from Rs 258.65 crore reported in the corresponding quarter of the previous fiscal year. Additionally, the net consolidated total income for the same quarter was Rs 1,838.82 crore, representing a growth of 20.77% compared to Rs 1,522.57 crore recorded in the similar quarter last year.
The real estate market in Kolkata has witnessed a surge in demand for luxury properties, driven by factors such as rising disposable incomes, changing lifestyles, and increased aspirations among homebuyers. Godrej Properties' acquisition of the land parcel in New Alipore positions the company to cater to the growing demand for upscale residential options in the city. The project's strategic location and the brand's reputation for delivering high-quality developments are expected to attract discerning buyers looking for luxurious and well-designed homes.
Godrej Properties has a strong track record of delivering successful residential and commercial projects across major cities in India. The company's focus on sustainability, innovation, and customer-centricity has garnered it a loyal customer base and established it as a trusted brand in the real estate industry. With its expansion into Kolkata's luxury housing segment, Godrej Properties aims to continue its growth trajectory and contribute to the city's evolving skyline.
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