by THO
Listed real estate developer, Godrej Properties Limited (GPL), announced on February 14 that it has acquired around 12.5 acre of prime land in Rajendra Nagar in Hyderabad.
The land is located in a strategic and high-potential area in Rajendra Nagar. The development on this land is estimated to have a potential of around 4 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of around ₹3,500 crore, the company said in a statement.
The project will cater to the aspirations of discerning home buyers in Hyderabad, who are looking for a high-quality living experience with modern amenities and design, it said.
Godrej Properties said that Hyderabad would be an important market for the company.
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Rajendra Nagar has a well-developed physical and social infrastructure with the presence of schools, colleges, hospitals, and retail outlets. The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial hubs of Hyderabad city.
“We are pleased to announce our entry into Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents,” said Gaurav Pandey, MD, and CEO of Godrej Properties.
Also Read: Godrej Properties Q3 net profit increases by 6% to ₹62 crore; sales bookings up 76%
Godrej Properties on February 6 reported a 6% increase in its consolidated net profit to ₹62.47 crore in the third quarter from ₹58.49 crore in the same quarter last year and its sales bookings increased by 76% year-on-year to ₹5,720 crore during the period on the back of increased housing demand.
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Godrej Properties is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune.
Also Read: Hyderabad real estate market: 5,411 residential properties worth ₹3279 crore registered in Jan 2024
