Godrej Properties acquires second land parcel in Hyderabad for ₹1,300 crore residential project

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Godrej Properties on Thursday informed stock exchanges that it acquired a second land parcel in Hyderabad in the past one month to develop "high-quality residential projects". The real estate company acquired 3 acres of land in Kokapet near the Outer Ring Road junction close to Golden Mile Road in Hyderabad. Godrej Properties said that the development on Kokapet land is estimated to have a potential of 1.2 million square feet of saleable area comprising premium residential apartments with an estimated booking value of ₹1,300 crore.

Godrej Properties’ robust pre-sales offset debt drag Last month, Godrej Properties forayed into the Hyderabad property market by purchasing 12.5-acre land for ₹350 crore to develop a housing project having ₹3,500 crore revenue potential. Overall the purchase of both land acquisitions will take the booking value potential in Hyderabad to ₹4,800, the company added. Godrej Properties hopes to beat sales guidance for FY24 "We are pleased to add another project in Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country.

We will aim to build an outstanding residential community that creates long-term value for its residents," Godrej Properties CEO Gaurav Pandey said. Godrej Properties did not name the seller and also the deal value of this new land acquisition. Godrej Properties said that this strategic acquisition is in line with its strategy of developing high-quality residential projects across India's leading real estate markets.