Godrej Properties Ltd, a prominent realty firm, has acquired multiple land parcels in the current fiscal year, signaling a potential revenue influx of approximately Rs 20,000 crore to bolster its business amid robust housing demand.
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This successful acquisition spree has already propelled the company beyond its annual guidance for the 2023-24 fiscal, achieving an impressive Rs 15,000 crore in new business development.
According to The Economic Times report, Godrej Properties’ Managing Director and CEO, Gaurav Pandey, announced that the company surpassed the annual guidance with the addition of new projects worth Rs 8,425 crore in the first nine months of the fiscal year. In a recent development, Godrej Properties secured two land parcels through outright purchases in Hyderabad and Noida, alongside entering into a joint venture in Bengaluru during the current quarter.
These strategic acquisitions are anticipated to generate a cumulative revenue of approximately Rs 11,500 crore. With these additions, the total revenue potential for the fiscal year reaches around Rs 20,000 crore. Expressing optimism about the growth potential in the housing segment, Pandey said that the company is actively evaluating additional proposals from landlords and expects to acquire more land parcels in the near future.
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The report added that in the previous fiscal year 2022-23, Godrej Properties had acquired land parcels with a revenue potential exceeding Rs 32,000 crore post-development.
The recent acquisition in Noida involved a 6.46-acre land parcel purchased for Rs 506 crore, intended for the development of a housing project with an estimated revenue of Rs 3,000 crore. The company also emerged as the highest bidder through an e-auction conducted by the NOIDA Authority for the prime land parcel located in Sector 44, Noida.
Furthermore, Godrej Properties recently entered into a profit-sharing joint venture for a 62-acre township development in Bengaluru, projecting an estimated revenue potential of Rs 5,000 crore.
Spanning 62 acres, the township project is set to offer around 5.6 million square feet of saleable area, primarily featuring premium residential apartments.
