Godrej Properties on Monday, August 12, said it has acquired 90 acre land in Khalapur, Maharashtra.
The land is located near Karjat Khopoli Road and is estimated to have a development potential of approximtely 1.7 million square feet of saleable area, primarily comprising residential plotted development, the company said.
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“Khalapur is a promising upcoming location. Hence, following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region. We will aim to build an outstanding residential community that creates long-term value for its residents,” the company’s MD and CEO Gaurav Pandey said.
Khalapur is situated around 70 km away from Mumbai.
On Friday, August 9, Godrej Properties said it emerged as the highest bidder for two land parcels in Greater Noida with a total combined bid value of ₹842 crore.
The land parcels together measure 17.5 acre and have an estimated revenue potential of ₹5,000 crore, the company said.
Earlier this month, Pandey told CNBC-TV18 that the company is looking at collections of over 15,000 crore in this fiscal year. “Collection curve will shoot more strongly to the latter part of the year and we are reasonably confident on a guidance of ₹15,000 crore of collections,” he said.
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The real estate developer did close to ₹2,000 crore in collection in Q1FY24, which grew by 50% to about ₹3,000 crore this year.
This boosted the operating cash flow to about ₹988 crore, which will fuel business development opportunities, he said.
Godrej Properties shares ended 1.58% higher at ₹2,922 apiece on Friday, August 9. The stock has gained 45.95% this year, so far.
