Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.
Godrej Properties has successfully acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, signaling their strategic expansion in key micro markets across India's leading cities. The premium residential project, estimated to offer a developable potential of approximately 0.7 million sq ft, aims for a significant revenue of Rs 1,000 crore. The company's MD & CEO, Gaurav Pandey, expressed enthusiasm, emphasizing the importance of Yeshwanthpur as a crucial micro market for Godrej Properties.
This upscale venture, situated near National Highway - 75, a prime location in Bengaluru, aligns with the company's commitment to strengthening its presence in the city. The development's potential may further increase to Rs 1,250 crore with an additional one-acre land acquisition, expanding the total land parcel to five acres.
Godrej Properties is a key player in India's real estate sector and a part of the esteemed Godrej Group. It has been actively pursuing land acquisitions to capitalize on robust housing demand. Their fiscal target involves multiple land parcels which is anticipated to generate a revenue of around Rs 15,000 crore post-development. In the previous fiscal year, the company demonstrated aggressive land acquisition, adding 18 parcels with a sales potential of Rs 32,000 crore post-development.
Focusing primarily on Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, Godrej Properties aims to meet the escalating demand for housing in these prominent markets. The company has already witnessed substantial success in the ongoing fiscal year, achieving a remarkable 48% growth in sales booking from April to September 2023-24, amounting to Rs 7,288 crore compared to Rs 4,929 crore in the preceding year.
Executive Chairperson Pirojsha Godrej is confident about meeting the sales target of Rs 14,000 crore for the current fiscal year, citing strong demand for their ongoing and upcoming housing projects. The company's robust performance is evident in its previous fiscal sales, totaling Rs 12,232 crore.
In conclusion, Godrej Properties' acquisition of the Yeshwanthpur land parcel stands as a strategic move to cater to the increasing demand for premium residences, aligning with their broader vision of expanding and consolidating their presence in key urban markets across India.
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