Godrej Properties Acquires 24-Acre Land in Indore for ₹500 Crore Residential Project

10 Jan 2025 , 03:35 PM

Godrej Properties Ltd. acquired 24-acre land parcel in Indore, Madhya Pradesh for plotted developments with a premium residential project. The project would entail a saleable area of approximately 6.20 lakh square feet and will fetch revenue of about ₹500 crore based on present assumptions.

This is the second significant land acquisition for Godrej Properties in Indore after it bought a 46-acre plot on Indore-Ujjain Road in July 2024. The newly acquired site near Indore bypass road is well connected to major areas such as Dewas and Palda.

The area is backed by strong infrastructure with Chhatrapati Shivaji Square, institutions, top hospitals like CHL Hospital, and leisure hubs like Phoenix Inside Mall. Proximity to IT hubs like Crystal IT Park and Software Technology Parks of India enhances the site’s attractiveness for professionals looking for residential spaces.

Gaurav Pandey, MD and CEO of Godrej Properties, said: “This acquisition is a part of our strategy for plotted development-led growth in high-growth cities such as Indore.”.

Godrej Properties has already reached 51% of FY25 booking target of ₹27,000 crore. The booking value of ₹13,835 crore was recorded by the firm at the end of the September quarter. The firm also raised ₹6,000 crore through QIP on December 2, 2024 to support the business’s expansion plans.