The Mumbai-based real estate developer said that it has acquired an approximate 46-acre land parcel with an estimated saleable area of nearly 1.16 million square feet.
The development on this land will primarily comprise plotted residential units, Godrej Properties stated.
The land is located just off Indore-Ujjain Road, a major upcoming corridor of Indore, that is slated to be widened to a 6-lane highway and an important residential and commercial area in the city. The location offers good connectivity to key landmarks such as the Indore International Airport, Indore Junction railway station, educational institutes, and medical infrastructure.
The proposed expansion of Metro lines, the growth of corporate and IT sectors, and ongoing infrastructure development have further contributed to the growth of the residential real estate market in the city.
Gaurav Pandey, MD & CEO, Godrej Properties, said: We are happy to announce our entry in Indore, Madhya Pradesh. Residential plotted development has gained significant traction in recent years and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space.
This aligns well with our ongoing growth strategy of entering fast growing cities from a plotted development perspective. We will aim to build an outstanding sustainable community that delivers long-term value to its residents and taps into Indore's growth potential.
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Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 March 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
The company's consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.
The scrip shed 0.04% to currently trade at Rs 3179.60 on the BSE.
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