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.
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.
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.
