Godrej Properties Ltd. has acquired three adjoining plots totaling 6.5 acres in the Mumbai Metropolitan Region, big news for the Indian real estate sector. The strategic play has placed the firm in a great position to develop a housing project with the potential to generate about ₹3,500 crore.
Godrej Properties emerges as the highest bidder in the development of a group housing project in the prime location of Sector 5-A, Kharghar, through a regulatory filing Wednesday. The plots acquired from the e-auction portal of the City and Industrial Development Corporation of Maharashtra (CIDCO) cover 6.54 acres and are expected to yield around 2 million square feet of development potential, it added.
While Godrej Properties has not disclosed the exact financial details regarding this acquisition, Gaurav Pandey, Managing Director and CEO of Godrej Properties, seemed much chuffed about this deal. He said, “Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India.” Godrej Properties continues to expand its footprint through such deals that are being done during the current boom in demand for housing.
During July-September, the company purchased six new land parcels that would support ₹9,650 crore worth of housing projects. Godrej Properties acquires the required land from developers for joint development using a two-pronged approach, either through direct purchase or by partnering with developers.
Recent operational updates showed Godrej Properties acquired eight new land parcels in the first half of the fiscal year, aggregating about 11 million square feet in estimated saleable area. The booking value expected from these acquisitions is around ₹12,650 crore. Six new land parcels valued at ₹9,650 crore were added alone in the second quarter.
Godrej Properties has achieved 63% of its annual guidance for new business development through land acquisition. This is among India’s leading real estate developers, with a strong presence in Delhi-NCR, MMR, Pune, and Bengaluru.
Godrej Properties reported a 3% increase in sales bookings to nearly ₹5,200 crore during the second quarter, which marks the highest booking value recorded for this period. For the April-September timeframe of the current fiscal year, the company experienced an impressive 89% year-on-year growth in sales bookings, amounting to over ₹13,800 crore—another record for the first half of a fiscal year.
Consolidated sales bookings during the last fiscal year came to fruition as Godrej Properties recorded 84% growth to ₹22,527 crore compared to ₹12,232 crore that was registered the previous year. On the forecasting side, it aims to raise sales bookings to the ₹27,500 crore mark for 2024-25.
