Godrej Properties has purchased a 24-acre land parcel in Indore for around Rs 200 crore to develop housing plots, as part of its strategy to expand business amid strong demand for residential properties. Godrej Properties, one of the leading real estate developers in the country, focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru markets for group housing projects.
For residential plotted development projects, the company has been buying land in tier II-III cities.
Godrej Properties has acquired a 24-acres land parcel in Indore.
The company did not divulge the total cost of the land, however, market sources said the land has been purchased at around Rs 200 crore.
The development on this land will primarily comprise premium plotted residential units and will offer an estimated saleable area of 6.20 lakh square feet with an estimated revenue potential of around Rs 500 crore.
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