Godrej Properties has acquired 60-acre land in Chennai to develop a residential project. The company informed in a regulatory filing that it has purchased the land on an outright basis in the micro market of Oragadam Junction. However, the deal value was not disclosed. 

"Spread across 60 acre, the proposed project is estimated to have a developable potential of approximately 1.6 million square feet of saleable area, comprising primarily of residential plotted development," the filing said.

Gaurav Pandey, MD & CEO, Godrej Properties, said the acquisition of this land parcel is in line with its strategy of deepening the company's presence across India's leading cities. "We will aim to build an outstanding plotted development project in Chennai that creates long-term value for its residents," he added.

Godrej Properties is the part of the Godrej Group, which is one of the leading real estate developers in the country. It is mainly focussed on four cities viz. Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune. 

The company is targetting Rs 10,000 crore of sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year. It has registered a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore compared to Rs 3,072 crore in the year-ago period.

Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on future development of projects. As per the plan, the company has already added around 12 land parcels this fiscal year with an estimated sales potential of more than Rs 20,000 crore.

With pti inputs