Godrej Properties (GPL) said that it has acquired a land parcel admeasuring approximately 24-acre in Indore, with an estimated saleable area of nearly 6.20 lakh square feet.
The development on the said land will primarily comprise premium plotted residential units. The project will have an estimated revenue potential of Rs 500 crore.
"After acquiring 46 acres in July2024 on Indore-Ujjain Road, this will be GPLs second acquisition in Indore thereby strengthening its presence in the city of Indore, the company stated.
Gaurav Pandey, MD & CEO, Godrej Properties, said: We are happy to expand our presence in Indore further strengthening our presence in this vibrant city.
With residential plotted developments gaining momentum, the Indore bypass road presents a promising opportunity for us to expand. This acquisition strategically aligns with our focus on entering high-growth cities through plotted developments.
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Godrej Properties is the real estate arm of the Godrej Group. It is a subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as of 30 September 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
The companys consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24. Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.
The scrip fell 0.88% to currently trade at Rs 2474.80 on the BSE.
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