Godrej Properties buys 53-acre land parcel in Kolkata

21 Nov 2024 , 08:51 AM

Godrej Properties Ltd., a Mumbai-based real estate developer, has told the exchanges that it has bought a 53-acre property tract in Joka, Kolkata. The proposed project has an estimated income potential of ₹500 Crore.

This project is expected to have a development potential of 1.3 Million square feet of saleable area, with a focus on residential plotted development, according to an exchange filing.

According to the corporation, the land is conveniently positioned in Joka, a rapidly rising micro-market adjacent to the major city and near Diamond Harbour, a popular coastal weekend destination.

Godrej Properties said last month that it exceeded its full-year business development target of ₹20,000 Crore.

In a recent interview, the MD and CEO of Godrej Properties stated that the business has already reached 51% of their yearly guidance, with bookings totalling over 13,835 Crore. This is significantly more than their performance two years ago.

Pandey stated that the company is on a “dream run” with each quarter delivering great results, and that it has already met more than half of its annual guidance.

This land acquisition aligns with our aim of expanding our footprint in India’s major cities. Godrej Properties’ MD and CEO, Gaurav Pandey, stated, We will aim to build an outstanding plotted development project in Joka that creates long-term value for its residents.

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