by THO
Godrej Properties Ltd has announced that it has acquired around 46-acre land parcel in Indore. The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of around 1.16 million square feet, the company said in a regulatory filing on July 31.
The land is located just off Indore-Ujjain Road, a major upcoming corridor of Indore, that is slated to be widened to a 6-lane highway and an important residential and commercial area in the city.
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The location offers good connectivity to key landmarks such as the Indore International Airport, Indore Junction railway station, educational institutes, and medical infrastructure, the company said in a regulatory filing.
The proposed expansion of Metro lines, the growth of corporate and IT sectors, and ongoing infrastructure development have further contributed to the growth of the residential real estate market in the city, it said.
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“We are happy to announce our entry in Indore, Madhya Pradesh. Residential plotted development has gained significant traction in recent years and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space,” said Gaurav Pandey, MD and CEO, Godrej Properties.
“This aligns well with our ongoing growth strategy of entering fast-growing cities from a plotted development perspective. We will aim to build an outstanding sustainable community that delivers long-term value to its residents and taps into Indore’s growth potential,” he said.
The real estate company has a major presence in the Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.
In the last financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over ₹22,000 crore.
Also Read: Godrej Properties sales bookings in FY24 cross ₹22,500 crore, up 84% year-on-year
