Godrej Properties acquires 109-acre land in Nagpur to expand business

Realty firm Godrej Properties Ltd on Friday said it has acquired around 109 acre of land parcel in Nagpur to launch residential plots.

In a regulatory filing, Godrej Properties informed that the development on this land will comprise primarily plotted residential units and offer an estimated saleable area of 2.2 million square feet.

The company did not disclose the deal value and the name of the seller.

However, market sources said the deal has been struck at around Rs 200 crore.

Godrej Properties MD and CEO Gaurav Pandey said the acquisition of this new land parcel further enhances the company's presence in Nagpur.

With the strong revival in housing demand post-COVID pandemic, Godrej Properties has been acquiring land parcels aggressively outrightly and through partnerships with land owners to expand its business.

The demand for plots has also gained momentum.

Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country.

It primarily focuses on the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune markets for the development of residential projects. The company expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore.

During the April-June quarter of the 2023-24 fiscal, Godrej Properties' sales bookings declined 11 per cent to Rs 2,254 crore from Rs 2,520 crore in the year-ago period.

On financial performance, Godrej Properties has posted a nearly three-fold jump in consolidated net profit at Rs 124.94 crore in the June quarter against Rs 45.55 crore a year ago.

The total income during the first quarter of this fiscal rose to Rs 1,265.98 crore from Rs 426.40 crore in the corresponding period of the previous year.

Recently, Godrej Properties Ltd said it has sold about 670 flats worth more than Rs 2,000 crore in its new housing project at Noida following strong demand.