 "Godrej Properties to buy land for a luxury residential project in Kolkata")
Real estate developers Godrej Properties Ltd, on Thursday, announced that it will acquire a 7.44-acre land parcel at New Alipore, a premium residential locality in Kolkata from West Bengal Housing Infrastructure Development Corporation Ltd.
The company has been declared as the highest bidder in an e-auction, it said, but did not disclose the bidding amount.
In a regulatory filing, the company said, “The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of nearly Rs 1,200 crore.”
“We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years,” said Gaurav Pandey, MD & CEO, Godrej Properties.
“This will be our second luxury development in the city, and we aim to build an outstanding residential community that creates long-term value for its residents,” he added.
New Alipore has an established physical and social infrastructure. The location offers excellent connectivity to all major social and commercial hubs of Kolkata city.
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Shares of Godrej Properties Ltd, on Thursday, rose over 4 per cent at Rs 1569.05 on BSE.
In FY21, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.