Latest News | Godrej Properties Buys 3-acre Land in Hyderabad for Rs 1,300 Crore Housing Project
Get latest articles and stories on Latest News at LatestLY. Realty firm Godrej Properties Ltd on Thursday said it has bought around 3-acre land in Hyderabad to develop a housing project with an estimated revenue potential of Rs 1,300 crore.
New Delhi, Mar 14 (PTI) Realty firm Godrej Properties Ltd on Thursday said it has bought around 3-acre land in Hyderabad to develop a housing project with an estimated revenue potential of Rs 1,300 crore.
Last month, Godrej Properties forayed into the Hyderabad property market by purchasing 12.5-acre land for Rs 350 crore to develop a housing project having Rs 3,500 crore revenue potential.
Also Read | Ram Mandir in Ayodhya Witnessing Average Footfall of 1 to 1.5 Lakh Pilgrims Daily, Says Temple Trust.
In a regulatory filing, the company said this is the second land acquisition in Hyderabad.
The total development potential on this land is around 1.2 million (12 lakh) square feet of saleable area comprising primarily premium residential apartments.
Also Read | Who Is Nayab Saini? All You Need To Know About BJP Leader Set To Be New Haryana CM.
The company expects to generate revenue worth Rs 1,300 crore from this upcoming new project.
Godrej Properties did not name the seller and also the deal value of this new land acquisition.
Godrej Properties said that this strategic acquisition is in line with its strategy of developing high-quality residential projects across India's leading real estate markets.
The land is located in Kokapet near the Outer Ring Road junction close to Golden Mile Road.
"We are pleased to add another project in Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. It aligns well with our expansion strategy and will further solidify our position as a leading national real estate developer," said Gaurav Pandey, MD, and CEO, Godrej Properties.
Godrej Properties, part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)