Realty firm Godrej Properties Ltd on Thursday said it has acquired a 58-acre land parcel in Nagpur to develop a residential project as part of its strategy to expand business.
The company, which is part of Godrej group, did not disclose the value of this land deal.
The development on this land will comprise primarily of plotted residential units, the company said in a regulatory filing.
The project will offer an estimated saleable area of 1.5 million square feet.
"We are happy to add this new project in Nagpur to our portfolio. This fits with our strategy of strengthening our presence in key residential markets across the country," Mohit Malhotra, MD & CEO, Godrej Properties, said.
The project has good connectivity to Nagpur Airport and the Nagpur - Hyderabad highway with well-established social infrastructure in the vicinity, the company said.
"Nagpur has many prominent infrastructure projects like the Metro Rail project, IT and manufacturing facilities in MIHAN SEZ and Airport Cargo Hub, along with the upcoming Samruddhi Mahamarg, which will further boost national connectivity and the related demand for quality residential units," it added.
Godrej Properties plans to invest around Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects.
In an interview with PTI in February, Godrej Properties Executive Chairman Pirojsha Godrej had said, "We will invest USD 1 billion (around Rs 7,500 crore) over the next 12-18 months on development of new projects."
Godrej Properties acquires new projects through outright purchase of land parcels and also by forming joint ventures with land owners.
Pirojsha had said the company would achieve an all-time high sales bookings in the 2021-22 financial year, beating the previous year's record of Rs 6,725 crore.
Last month, Godrej Properties acquired a 9-acre land parcel in Pune to develop a housing project with an estimated revenue of Rs 1,400 crore.
It also bought about 50-acre land parcel at Sonipat in Haryana for plotted development.
Housing sales rose in 2021, after suffering a major setback in the previous calendar year because of the COVID-19 pandemic and the nationwide lockdown.
According to property consultant Anarock, sales across the top seven cities rose 71 per cent year-on-year in 2021 to 2,36,530 units.
PropTiger.com said that housing sales across eight major cities increased 13 per cent to 2,05,936 units in 2021.
