Godrej Properties buys 16-acre land in Gurugram, Kolkata for Rs 1,300 cr to build housing projects

New Delhi, Mar 4 (PTI) Realty firm Godrej Properties Ltd has purchased two land parcels totalling over 16 acres in Gurugram and Kolkata for about Rs 1,325 crore to develop housing projects, as it looks to expand business amid strong demand.

The company has bought an 11.36-acre parcel in Gurugram for around Rs 1,000 crore and also won a bid to acquire a 5-acre land parcel in Kolkata for about Rs 325 crore.

Godrej Properties is expecting a total revenue of around Rs 6,150 crore from the upcoming residential projects on these two land parcels.

In a regulatory filing on Wednesday, Godrej Properties informed that it has acquired 11.36 acres of land for a residential project in Gurugram, Haryana, through an outright purchase.

"This project will offer residential development with an estimated revenue potential of over Rs 4,500 crore," it added.

The plot is located in Sector 63A on the Golf Course Extension Road, Gurugram.

Godrej Properties did not disclose the land cost or the name of the seller.

However, market sources said that the land cost would be around Rs 1,000 crore.

In a separate filing, Godrej Properties said it has won the bid, in an e-auction conducted by the West Bengal Housing Infrastructure Development Corporation Ltd, for a 5-acre land parcel located off EM Bypass, Kolkata.

"The proposed premium residential development is expected to offer an estimated revenue potential of approximately Rs 1,650 crore," it said.

The company did not share the bid value, but sources said it was around Rs 325 crore.

On acquiring land in Gurugram, the company's MD and CEO, Gaurav Pandey, said, "With this new project, we have now added over Rs 40,000 crore of future sales potential through portfolio additions in FY 26. This represents delivery of 2X our business development guidance for the full financial year and makes it our best year for business development in terms of future booking value locked in." Godrej Properties is positioned well to deliver sustained strong growth in the years ahead, he added.

"This new acquisition will further enhance our development portfolio in NCR, with good diversification across micro-markets, enabling us to cater to the region's robust demand," Pandey said.

Godrej Properties is one of the leading real estate developers in the country.

To expand its business, the company buys land outright and also enters into joint development agreements (JDA) with landowners to develop housing projects.

In the current fiscal, it has bought many land parcels across major cities for future projects, which have a combined revenue potential of more than Rs 40,000 crore.

On the operational front, Godrej Properties' sales bookings rose 25 per cent to Rs 24,008 crore in the first nine months of this fiscal, and it is confident of meeting the target of Rs 32,500 crore for the full 2025-26 fiscal.

Godrej Properties has a major presence in the Mumbai Metropolitan Region, Delhi-NCR, Pune, Bengaluru and Hyderabad markets. PTI MJH DRR