Dec 03, 2022, 07:00 pm
Godrej Properties today informed about the land transaction but did not disclose the total deal value.
Market sources and property consultants said the land deal was struck at around ₹750 crore.
"This is the 8TH project addition for GPL in FY 23 and takes the cumulative expected booking value from projects added in FY 23 to approximately ₹16,500 crore as against its full year guidance of adding projects with a booking value potential of ₹15,000 crore," the company said in its regulatory filing.
The company has been aggressively buying land outrightly and also entering into joint development agreements (JDAs) with landowners to create future development pipelines.
Godrej Properties expects sales revenue of about ₹7,000 crore from this upcoming 18.6-acre project, which would have a developable potential of about 3.72 million square feet.
The project will comprise primarily premium residential apartments with supporting retail spaces.
Godrej Properties had given a full-year guidance of adding projects with a booking value potential of ₹15,000 crore.