Godrej Properties Ltd, a prominent realty firm in India, has successfully acquired approximately 109 acres of land in Nagpur, signalling its strategic expansion plans. The company announced that the acquired land will be used for launching residential plots, specifically focusing on plotted residential units. The estimated saleable area from this development is projected to be 2.2 million square feet.
While the exact deal value and the name of the seller were not disclosed by the company, this acquisition represents a significant move to strengthen Godrej Properties' footprint in Nagpur. The real estate developer has been actively acquiring land parcels, both independently and through partnerships with landowners, as part of its growth strategy, especially in response to the resurgence in housing demand post the COVID-19 pandemic.
With the demand for plots gaining momentum in the real estate market, Godrej Properties is aligning its offerings accordingly. As an arm of the business conglomerate Godrej Industries, the company is recognized as a key player in the Indian real estate sector. Its primary focus areas for development include the Delhi-NCR region, Mumbai Metropolitan Region, Bengaluru, and Pune markets, showcasing its commitment to expanding its residential projects in high-demand regions.
The company is optimistic about its growth prospects and anticipates a notable 14 percent increase in sale bookings during the current fiscal year, targeting a record Rs 14,000 crore. However, it's worth noting that during the April-June quarter of the 2023-24 fiscal year, Godrej Properties witnessed a decline of 11 percent in sales bookings, totalling Rs 2,254 crore compared to Rs 2,520 crore in the corresponding period of the previous year.
On the financial front, the company reported a nearly three-fold increase in consolidated net profit, amounting to Rs 124.94 crore during the June quarter, compared to Rs 45.55 crore in the same period the previous year. Additionally, the total income surged to Rs 1,265.98 crore in the first quarter of this fiscal year, a substantial increase from Rs 426.40 crore reported during the corresponding period in the previous year. Notably, Godrej Properties Ltd recently announced a major achievement, having sold approximately 670 flats valued at more than Rs 2,000 crore in its latest housing project located in Noida, showcasing a strong demand for its offerings in the real estate market.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
