Godrej Properties Ltd on Tuesday said it has bought an 89-acre land parcel at Khalapur in Maharashtra to develop a housing project as part of its expansion plan to grow business.
In a regulatory filing, Godrej Properties informed that it has entered into an agreement for outright purchase of a land parcel in Khalapur - Raigad, Maharashtra.
The project has a development potential of about 1.9 million square feet of saleable area comprising primarily of residential plotted development.
Godrej Properties, one of the leading real estate developers in the country, did not disclose the deal value.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "Residential plotted development has gained significant traction in recent years."
Khalapur is about 70 kms away from Mumbai.
To expand its business, Godrej Properties has already acquired more than 10 land parcels this fiscal year with an estimated sales potential of over Rs 20,000 crore.
With two months still left in the 2022-23 fiscal year, Godrej Properties might add another Rs 5,000-10,000 crore worth projects in its portfolio.
The company purchases land outrightly and also forms partnerships with land owners to develop real estate projects.
Earlier this month, Godrej Properties acquired a 60-acre land parcel in Chennai for about Rs 100 crore to develop a residential project.
Godrej Properties, a part of business conglomerate Godrej Group, mainly focuses on four cities—Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.
Godrej Properties has set a target of Rs 10,000 crore of sales bookings for 2022-23, as against Rs 7,861 crore registered during the last fiscal year.
It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore, as against Rs 3,072 crore in the year-ago period.
Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on adding more projects for future development.
Recently, the company bought a 9-acre land parcel in Gurugram for around Rs 300 crore to develop a housing project.
Last month, Godrej Properties purchased about 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.
In December only, Godrej Properties bought an 18.6-acre land parcel at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.
It also partnered with landowner for joint development of 14.27-acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.
In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.