Godrej Properties buys 90-acre land parcel in Raigad, Maharashtra for Rs 150 cr
Godrej Properties has acquired a 90-acre land parcel in Khalapur, Raigad, for approximately Rs 150 crore, targeting the development of 1.7 million sq. ft. of residential plots. This move follows the success of Godrej Hillview Estate and aims to capitalize on the growing interest in residential plotted developments near Mumbai.
Godrej Properties has acquired a 90-acre land parcel at Khalapur in Raigad, Maharashtra for around Rs 150 crore with plans to develop and sell residential plots. The land parcel is estimated to have a development potential of around 1.7 million square feet of saleable area consisting primarily of residential plotted development, the company said in a regulatory filing.
The company did not share details of investment for the said land acquisition. However, sources said the land cost was around Rs 150 crore."Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location.
Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region," Gaurav Pandey, MD & CEO, of Godrej Properties, said. Khalapur is located about 70 kilometers from Mumbai. The land is in proximity to the Mumbai Trans Harbour Link and the Mumbai-Pune Expressway, providing excellent connectivity to Mumbai, Navi Mumbai, and Pune.
Godrej Properties has been buying land in Tier II and Tier III locations for plotted development. Last month, it acquired around 46-acre land parcels in Indore for plotted development. For group housing projects, Godrej Properties mainly focuses on the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad.
In the last fiscal, Godrej Properties' sales bookings jumped 84 percent to a record Rs 22,527 crore, the highest among listed realty firms during 2023-24. The company has set a target of achieving sales bookings of Rs 27,000 crore in this fiscal. Already, the sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal, as against Rs 2,254 crore in the year-ago period.
This is the company's highest-ever quarterly sales for the June quarter and its second-highest quarterly sales ever. Recently, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year. The total income grew to Rs 1,699.48 crore during April-June period of the 2024-25 fiscal from Rs 1,265.98 crore in the corresponding period of the previous year
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