Godrej Properties Buys 12.5-Acre Land in Hyderabad for Rs 350 Crore to Build Rs 3,500-Crore Housing Project – News18

Realty agency Godrej Properties Ltd has purchased 12.5-acre land in Hyderabad for round Rs 350 crore to develop a housing venture and is anticipating Rs 3,500 crore income. This marks the corporate’s foray into the Hyderabad property market.

In a regulatory submitting, Godrej Properties knowledgeable that it has acquired 12.5-acre of land at Rajendra Nagar in Hyderabad however didn’t disclose the deal worth and title of the vendor.

However, market sources stated the deal was struck at almost Rs 350 crore.

Real property guide Anarock facilitated the land deal.

Godrej Properties has been shopping for land and in addition partnering with entities proudly owning land parcels to broaden its enterprise amid a surge in housing demand.

“The development on this land is estimated to have a potential of around 4 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated revenue potential of about Rs 3,500 crore,” the corporate stated.

Godrej Properties expects that Hyderabad could be an necessary market for the corporate going forward. Godrej Properties has a significant presence in the Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR and Bengaluru. Gaurav Pandey, MD, and CEO of Godrej Properties, stated the corporate is coming into Hyderabad, which is amongst the biggest and quickest rising residential actual property markets in the nation.

“This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents,” he added.

Godrej Properties is among the main actual property builders in the nation. It is a part of the enterprise conglomerate Godrej Group.

(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)