Godrej Properties acquires 3 acres in Ahmedabad with ₹1,300 crore development potential
Based on current business assumptions, the estimated booking value for the project is around ₹1,300 crore. The project will primarily consist of premium residential apartments of various configurations.
“…please note that the company has acquired 3 acres of land in Vastrapur, Ahmedabad, having a development potential of 0.9 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated booking value of ₹ 1,300 crore (on the basis of the current business assumptions),” according to a stock exchange filing.
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This week, Godrej Properties emerged as the highest bidder for three adjoining plots in the Mumbai Metropolitan Region (MMR). In a stock exchange filing, it said it has emerged as the highest bidder for developing a group housing project across three plots in Sector 5-A, Kharghar.
The company said the plots, measuring 6.54 acre, offer a development potential of 2 million square feet. The group housing project will include premium residential apartments of varied configurations.
The combined revenue potential of the project is estimated at ₹3,500 crore, the company informed the stock exchanges. The real estate firm said that Sector 5-A, Kharghar, is connected with key transport hubs such as the Kharghar and CBD Belapur Railway Stations, metro connectivity and the Sion-Panvel Expressway.
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Godrej Properties also said that the area is in proximity to the Kharghar residential node and has a well-developed social infrastructure with healthcare facilities and educational institutions.
Shares of Godrej Properties Ltd ended at ₹3,124.75, up by ₹40.35, or 1.31% on the BSE.
