Godrej Properties Ltd. has acquired a 109-acre land parcel in Nagpur, India, signalling its commitment to expanding its presence in the region. The strategically located land, near major transportation routes and MIHAN SEZ, will be developed primarily for residential plots, with an estimated saleable area of 2.2 million square feet. GPL has been actively acquiring land parcels in response to increased housing demand following the COVID-19 pandemic. In addition to its Nagpur expansion, the company targets significant sales growth and has reported strong financial performance. It recently sold around 670 flats worth over Rs 2,000 crore in Noida.
Godrej Properties Ltd. (GPL), a prominent player in India's real estate sector, made a momentous announcement of its acquisition of an expansive land parcel spanning approximately 109 acres, nestled within the Nagpur region. In a regulatory disclosure, GPL outlined its vision for this land, focusing on residential plots. This endeavour is poised to yield an estimated saleable expanse of 2.2 million square feet. Strategically located near the Samrudhhi Mahamarg, connecting Mumbai and Nagpur, and close to MIHAN SEZ, this land enjoys excellent connectivity to the Mumbai-Kolkata highway and the Dr. Babasaheb Ambedkar International Airport in Nagpur.
The area boasts a well-developed social infrastructure, including a robust network of hospitals, educational institutions, retail establishments, and entertainment venues. Although the exact deal value and seller's identity remain undisclosed, this acquisition underlines GPL's commitment to expanding its Nagpur presence. The company is actively acquiring land parcels, both independently and through partnerships, in response to post-COVID-19 housing demand.
The company aims to create a plotted development project in Nagpur that will offer long-lasting value to its future residents. This acquisition comes hot on the heels of the company's acquisition of land in Gurugram, Haryana, with an intent to fashion premium residential enclaves.
Furthermore, GPL has set ambitious targets, forecasting a 14% upsurge in sales bookings for the current fiscal year, aiming to achieve a historic milestone of Rs 14,000 crore, as revealed during the Q1 earnings announcement. In FY23, the company surged ahead by incorporating 18 fresh projects, boasting a collective estimated saleable expanse approaching 29 million square feet and an aggregate estimated booking value of approximately Rs 32,000 crore. This growth trajectory was evident in the April–June quarter of the 2023–24 fiscal year.
GPL, a subsidiary of the venerable conglomerate Godrej Industries, asserts its dominance in the real estate arena by primarily concentrating its efforts on the development of residential projects in key markets, including the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune. In terms of financial performance, Godrej Properties delivered a staggering nearly three-fold escalation in consolidated net profit, soaring to Rs 124.94 crore in the June quarter, juxtaposed with Rs 45.55 crore recorded in the corresponding period of the prior year.
The total income for the first quarter of this fiscal also experienced substantial growth, ascending to Rs 1,265.98 crore as compared to the Rs 426.40 crore reported in the same period of the preceding year. Lastly, as a testament to the company's prowess and the insatiable demand it commands, Godrej Properties Ltd. recently announced the sale of approximately 670 flats, boasting a cumulative worth surpassing Rs 2,000 crore, within its nascent housing project situated in Noida.
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