Godrej Properties buys 53-acre Land Parcel in Joka to build Residential Plots

The Kolkata land acquisition provides an opportunity for approximately 1.3 million square feet of residential plots, with an estimated revenue potential of Rs. 500 crore.

According to the company, the land is strategically situated in the rapidly growing Joka area, which is close to the city center and near Diamond Harbour, a popular seaside destination for weekend getaways.

On November 20, Godrej Properties announced the acquisition of 53-acre land in Joka, Kolkata.

The project is expected to offer around 1.3 million square feet of saleable space, it may be for residential plots, with an estimated revenue potential of Rs. 500 crore.

According to an investor’s presentation, the company's net debt was Rs. 7,432 crore at the end of the June quarter.

Joka has become a growing residential area in Kolkata, thanks to improved infrastructure. With IIM-Calcutta, healthcare centers, and shopping areas nearby, it offers a good quality of life.

The area is well-connected to the rest of the city through Kolkata Metro's Line 3 and a strong road network, making it easy to reach key locations.

Last month, the board of Godrej Properties approved a proposal to raise up to Rs. 6,000 crore. The funds will be raised through the issuance of securities, including equity shares, debentures, preference shares, or other eligible securities.

Godrej Properties revealed last week that its net debt grew by 2% in the September quarter, reaching Rs. 7,572 crore. This increase was mainly due to the company's emphasis on land acquisitions to support future expansion.