New Delhi [India], October 21 : Godrej Properties (GPL) on Monday announced the acquisition of around 3 acres of land in Vastrapur, Ahmedabad, the company informed the exchange in a filing.
The company stated that it plans to develop approximately 0.9 million square feet of saleable area on this land, primarily consisting of premium residential apartments in various configurations. The project is expected to generate an estimated booking value of Rs 1,300 crore.
The company also noted that this acquisition aligns with its ongoing strategy of developing high-quality residential projects in key real estate markets across India.
"We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India's leading cities" said Gaurav Pandey, MD & CEO, Godrej Properties.
Vastrapur is also home to well-known landmarks such as the Indian Institute of Management (IIM) Ahmedabad, Vastrapur Lake Garden, Sabarmati Riverfront Project, and Nexus Ahmedabad One Mall.
"The area is wellserved by top schools and healthcare facilities. Renowned landmarks, including IIM Ahmedabad, Vastrapur Lake Garden, Sabarmati Riverfront Project, and Nexus Ahmedabad One Mall, further enhance its appeal" said the company in a statement.
Additionally, the proximity of Vastrapur to major business hubs like Navratna Business Park and Pinnacle Business Park makes it a prime location for those looking for convenience and modern living.
The company also highlighted that in FY 2024, Godrej Properties emerged as the largest developer in India by the value of residential sales achieved.
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