Godrej Properties purchases 3 acres of Land in Vastrapur with Rs.1,300 crore Sales Potential

Godrej Properties Limited (GPL) announces that about the three acres of land in Vastrapur, an area of Ahmedabad in Gujarat,is to develop the housing project having an estimated booking value of Rs.1,300 crore.

According to the company says in a regulatory filing,’’ The development on this land is estimated to have a potential of around 0.9 million square feet of saleable area consisting primarily of residential apartments of various configurations with an estimated booking value of Rs.1,300 crore’’.

The company also says that this acquisition is in line with GPL's strategy of developing high-quality residential projects across India's leading real estate markets.

According to the company, the land parcel in Vastrapur area of West Ahmedabad offers good social infrastructure and excellent connectivity to key areas of the city. The area is well-served by top schools and healthcare facilities.

Renowned landmarks, including IIM Ahmedabad, Vastrapur Lake Garden, Sabarmati Riverfront Project, and Nexus Ahmedabad One Mall, further to enhance its appeal.

Mr.Gaurav Pandey,who is the MD and CEO of Godrej Properties ,says that,’’ We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India's leading cities’’.

The following statement says that,’’additionally, Vastrapur’s proximity to business hubs like Navratna Business Park and Pinnacle Business Park makes it a prime location for residents seeking convenience, modern living, and accessibility."

On October 16, the company had announced that it has emerged as the highest bidder to develop a group housing project in Sector 5-A, Kharghar in Navi Mumbai, according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).