Godrej Properties Acquires 3 Acres in Ahmedabad for Rs 1,300 Crore Project

Godrej Properties Ltd (GPL), one of the leading real estate developers in India, has made a significant move by acquiring around 3 acres of land in Vastrapur, Ahmedabad. The new housing project is estimated to have a potential sales value of around Rs 1,300 crore. Though the company has not disclosed the deal value or the identity of the seller, this acquisition marks a strategic step that will enhance its presence in the burgeoning Ahmedabad real estate market.

Godrej Properties has filed a report with the exchange stating that the development on this newly acquired land will yield about 0.9 million square feet of saleable area. The project will be majorly centered around premium residential apartments in various configurations, which will further add to the rich housing landscape in Ahmedabad.

Gaurav Pandey, MD and CEO, Godrej Properties, is excited about the acquisition and said, "We are happy to add our second project in Ahmedabad. It will further strengthen our presence in the city and complement our strategy of deepening our footprint in key micro-markets across India's leading cities".

The company earlier this month acquired three contiguous plots of 6.5 acres in the MMR, where it intends to develop another housing project that could yield Rs 3,500 crore in revenues. This is the second instance where the company has adopted a dual approach to land acquisition. The company has bought the plots outright and also partnered with landowners for joint development.

Godrej Properties added eight new land parcels during the first half of the fiscal year, totaling an estimated saleable area of about 11 million square feet, with collective potential bookings totaling around Rs 12,650 crore. Six parcels were added in the second quarter alone with an expected booking value of around Rs 9,650 crore.

The company has seen robust growth as the sale bookings have increased by 3% to nearly Rs 5,200 crore in the second quarter of this fiscal year, based on increased housing demand. During the April-September period, the value of sale booking soared by 89% year-on-year, crossing Rs 13,800 crore.

Godrej Properties have promised to do better when they have set a target of Rs 27,500 crore as sale bookings for the current financial year (2024-25). It has witnessed record sales booking at Rs 22,527 crore last fiscal year alone, ending with a bang to emerge as the largest listed realty firm in terms of such bookings, rising by a staggering 84% over the preceding year's Rs 12,232 crore.