Godrej Properties, a prominent player in the Indian real estate sector, has announced the acquisition of a 4-acre land parcel in Yeshwanthpur, Bengaluru, signaling its intent to develop a luxury housing project. The realty firm envisions a substantial revenue of Rs 1,000 crore through the sale of premium residential apartments in this prime location along National Highway – 75.
The company, in a regulatory filing, revealed that the project’s estimated developable potential is around 0.7 million square feet of saleable area, primarily comprising upscale residential units. Godrej Properties expressed confidence in the venture, projecting the revenue potential to reach Rs 1,250 crore with the addition of an extra acre of land, making it a 5-acre parcel.
Gaurav Pandey, MD & CEO of Godrej Properties, emphasized the significance of Yeshwanthpur as a crucial micro-market for the company. He stated, “We are happy to add this land parcel to our portfolio,” underlining the strategic importance of the acquisition in strengthening the company’s presence in Bengaluru.
Godrej Properties, part of the esteemed Godrej Group, has set ambitious targets for land acquisitions in the current fiscal year, aiming to generate approximately Rs 15,000 crore in revenue post-development. Last fiscal year, the company acquired 18 new land parcels with a sales potential of Rs 32,000 crore post-development, showcasing its aggressive approach in the real estate market.
The realty giant’s focus on key markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune has been integral to its growth strategy. Despite the challenges posed by the real estate sector, Godrej Properties remains optimistic about meeting its sales target of Rs 14,000 crore for the current fiscal year, riding on the strong demand for its ongoing and upcoming housing projects.
In the April-September period of 2023-24, the company has already achieved a remarkable 48% growth in sales bookings, reaching Rs 7,288 crore compared to Rs 4,929 crore in the corresponding period of the previous year.
