Godrej Properties acquires 53-acre land parcel in Kolkata with revenue potential of ₹500 crore
This project is estimated to have a development potential of 1.3 million square feet of saleable area comprising primarily residential plotted development, the company said in an exchange filing.
The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway, as per the company.
“This land acquisition fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents,” said Gaurav Pandey, MD and CEO of Godrej Properties.
Last month, Godrej Properties said that it has surpassed its full-year business development guidance of ₹20,000 crore.
In a recent interaction with CNBC TV-18, the MD and CEO of Godrej Properties had said that the company has already achieved 51% of its annual guidance, recording around ₹13,835 crore in bookings, which is much higher than their performance just two years ago.
Pandey said the company is experiencing a “dream run” with each quarter bringing exciting results and it has already achieved more than half of its annual guidance.
Shares of Godrej Properties Ltd. ended 2.41% higher at ₹2,692.75 on Tuesday. The stock has risen 33% so far in 2024.
