Godrej Properties buys many plots in FY24 with ₹20,000 Crore revenue potential

7 Mar 2024 , 11:35 AM

To grow its operations amid robust home demand, real estate major Godrej Properties Ltd has bought various land parcels this fiscal year, with the potential to produce income of about ₹20,000 Crore. Godrej Properties has exceeded its target for the fiscal year 2023-24 to reach ₹15,000 Crore in new business expansion, which includes adding land parcels through outright purchases and collaborations with landowners.

With the acquisition of two land parcels earlier this week, Godrej Properties Managing Director and CEO Gaurav Pandey stated that the company has already met its annual new business development target of ₹15,000 Crore.

Pandey stated that the company received fresh projects totaling ₹8,425 Crore during the initial nine months of the current fiscal year. Additionally, in the ongoing quarter, the company completed two outright land acquisitions in Hyderabad and Noida, simultaneously initiating a joint venture in Bengaluru.

These three new acquisitions will provide around ₹11,500 Crore in revenue, bringing the total to roughly ₹20,000 Crore this fiscal year.

Pandey is optimistic about the housing segment’s growth potential and plans to add a couple of additional land parcels this month for future development. The corporation is considering multiple ideas from landlords.

In the fiscal year 2022-23, Godrej Properties bought land parcels with a post-development income potential of more than ₹32,000 Crore.

Earlier this week, Godrej Properties paid ₹506 Crore for 6.46 acres of property in Noida with the intention of developing a home project with an expected income of ₹3,000 Crore.

On March 4, Godrej Properties announced that it had formed a profit-sharing joint venture to construct a 62-acre township in Bengaluru with an estimated revenue potential of ₹5,000 Crore. The township project, which spans 62 acres, would have a saleable area of around 5.6 million (56 lakh) square feet, with the majority of the space dedicated to premium residential flats.

Gaurav Pandey, Managing Director and CEO of Godrej Properties, announced that the firm met its yearly new business development target of ₹15,000 Crore by acquiring two land parcels earlier this week.

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