Godrej Properties Ltd. (GPL) has picked up around 3 acres of land in Vastrapur, Ahmedabad, with a saleable area potential worth ₹1,300 crore from a new housing project. GPL did not comment on the value of the deal and its vendor.

The development on this land is expected to yield about 0.9 million square feet of saleable area, primarily consisting of premium residential apartments in various configurations, with an estimated booking value of about ₹1,300 crores,” it said in a regulatory filing.

Godrej Properties MD and CEO Gaurav Pandey said, “We are pleased to announce our second project in Ahmedabad. This development will further consolidate our presence in the city and fall in line with our strategy of deepening our footprint in key micro-markets across India’s leading urban centers.

Godrej Properties had bagged bids for three contiguous plots amounting to 6.5 acres in MMR to raise an amount of ₹3,500 crore from a housing project earlier this month.

Godrej Properties acquires lands for its housing portfolio either by outright purchase or through partnerships involving joint development with the owners of land.

In the first half of the current fiscal year, the company added eight new land parcels with a total estimated saleable area of about 11 million square feet and an expected booking value of about ₹12,650 crore. This includes six new land parcels that were added in the second quarter with an expected booking value of ₹9,650 crore.

With a strong presence in Delhi-NCR, MMR, Pune, and Bengaluru, Godrej Properties stands among the leading Indian real estate companies. While it registered an increase of 3 percent in sale bookings for the second quarter of this fiscal year compared to the first quarter, it had reached nearly ₹5,200 crore with robust housing demand.

Godrej Properties’ sale booking value during the period from April to September in the current fiscal has surged 89 percent year-on-year to surpass ₹13,800 crore. The firm had last fiscal seen a record sale booking figure of ₹22,527 crores, with a growth of 84 percent from ₹12,232 crore in the previous fiscal. The company set a target of ₹27,500 crore in sale bookings for the ongoing financial year 2024-25.