Godrej Properties buys 5 acre land in Hyderabad to build Rs 4,150 cr worth housing project

New Delhi: Godrej Properties has bought 5 acres of land in Hyderabad through an auction process and will develop a housing project worth Rs 4,150 crore on this site.

In a regulatory filing on Monday, the company stated that it participated in an e-auction conducted by the Hyderabad Metropolitan Development Authority (HMDA) for a land parcel measuring approximately 5 acres in Neopolis, Kokapet.

Godrej Properties emerged as the highest bidder, according to the MSTC Ltd. e-tendering portal.

The authority will issue the allotment letters after following the due process.

"The proposed development on this land is planned as a premium residential project with a saleable area of about 2.5 million sq ft and an estimated revenue potential of around Rs 4,150 crore," the company said.

Godrej Properties had acquired a 7.825-acre land parcel in Kukatpally, Hyderabad, in August.

After entering the Hyderabad housing market, the company has launched two projects.

The company has sold properties worth Rs 2,600 crore this calendar year in these two projects in Hyderabad.

Gaurav Pandey, MD & CEO, Godrej Properties, said: "Hyderabad continues to demonstrate strong fundamentals with robust infrastructure growth and sustained demand for quality housing. We remain committed to strengthening our presence in this high-potential market through strategic acquisitions and differentiated developments."

Bullish on housing demand across major cities, Godrej Properties is acquiring multiple land parcels this fiscal year. Through these acquisitions, it has already added a revenue potential of more than 20,000 crore.

Under the new business development, the company acquires land outright and also do joint development agreements (JDAs) with landowners.

Godrej Properties, one of the leading real estate developers in the country, achieved a 13 per cent growth in sales bookings to Rs 15,587 crore in the first six months of this fiscal from Rs 13,835 crore in the year-ago period.

The company is confident of achieving the sales bookings target of Rs 32,500 crore for this fiscal year.

The company sold properties, primarily housing, worth Rs 29,444 crore in the 2024-25 fiscal.

Godrej Properties develops group housing projects mainly in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad. It is offering housing plots in many tier II and III cities.