Godrej Properties acquires 90-acre land-parcel in Maharashtra

12 Aug 2024 , 12:57 PM

Godrej Properties said on Monday, August 12, that it has acquired 90 acres of land in Khalapur, Maharashtra.

The land is situated near Karjat Khopoli Road and is expected to have a development potential of around 1.7 million square feet of saleable area, with residential plotted development being the primary focus, according to the business.

“Khalapur is a great future destination. As a result, following the positive reaction to our previous venture, Godrej Hillview Estate, we intend to expand our footprint in the region. We will strive to create an outstanding residential community that provides long-term value to its residents,” stated Gaurav Pandey, the company’s MD and CEO.

Khalapur is approximately 70 kilometres away from Mumbai.

On August 9, Godrej Properties said that it was the top bidder for two land parcels in Greater Noida, totalling ₹842 Crore.

The company estimates that the 17.5-acre land parcels have a revenue potential of ₹5,000 Crore.

The real estate developer collected almost ₹2,000 Crore in Q1FY24, which increased by 50% to approximately ₹3,000 Crore this year.

This increased operating cash flow to almost ₹988 Crore, paving the way for future corporate growth, according to the speaker.

At around 12.01 PM, Godrej Properties was trading 1.47% higher at ₹895.10, against the previous close of ₹882.15 on NSE. The counter touched an intraday high and low of ₹897.55, and ₹864.80, respectively.

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