by THO
Real estate major Godrej Properties Limited (GPL) announced on April 14 that it has acquired around 3-acres of land in Kokapet, Hyderabad, to develop a residential project with an estimated revenue potential of ₹1300 crore, the company said in a regulatory filing.
This is the company’s second land acquisition in Hyderabad and will take the overall booking value potential added in the city to ₹4,800 crore.
The development on this land is estimated to have a potential of around 1.2 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated booking value of around ₹1,300 crore, the company said.
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The land is located in a strategic and high-potential area in Kokapet near the Outer Ring Road junction close to Golden Mile Road. Kokapet is one of the largest commercial and residential real estate markets in Hyderabad and has a well-developed social and civic infrastructure. The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial areas in the city.
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“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. We will aim to build an outstanding residential community that creates long-term value for its residents.” said Gaurav Pandey, MD, and CEO, Godrej Properties.
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