Listed Real estate developer Godrej Properties has announced to acquire 46-acre land parcel in Indore. According to the regulatory filing of the company, the development of the land will add plotted residential units and will offer an estimated saleable area of 1.16 million square feet.
The company did not disclose whether it has purchased outright or else signed deal with the landlords for joint development.
MD & CEO, Godrej Properties, Gaurav Pandey, has informed that, the company has already marked their presence in Indore, Madhya Pradesh with this acquisition.
The land is located in one of the strategic point near 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.
He quoted, “Residential plotted developments have seen substantial growth recently, and the Indore-Ujjain Road presents a promising micro-market for expanding our presence. This approach complements our current strategy of targeting fast-growing cities for plotted development opportunities.”
Godrej Properties stands out as one of the foremost real estate developers in India, holding a strong presence in key markets such as Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.
In the most recent financial year, the company achieved a significant milestone by becoming the largest publicly listed real estate firm in terms of sales bookings. This accomplishment was marked by a remarkable performance, with property sales surpassing Rs 22,000 crore. This impressive sales figure underscores Godrej Properties' leading position in the market and its robust performance in the real estate sector.
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