Mumbai (Maharashtra) [India], July 1 : Godrej Properties Ltd. (GPL), announced a new project in Hinjewadi, Pune, on Monday, securing an approximately 11-acre land parcel with an estimated revenue potential of Rs 1,800 crore, comprising group housing and high street retail.
According to the exchange filing, this project is expected to have a developable potential of around 2.2 million square feet.
The newly acquired land is situated in a prime area near the upcoming Megapolis Metro Station, enhancing its accessibility to major IT hubs in Hinjewadi.
The location is anticipated to draw substantial interest from both residential and commercial investors due to its proximity to essential amenities such as schools, hospitals, shopping malls, restaurants, and premium hotels.
Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, expressed his optimism about the project.
Pandey said, "Hinjewadi is an important micro market for us in Pune and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India."
He added, "We will aim to build an outstanding gated community that creates long-term value for its residents."
Godrej Properties also has a series of pre-launch projects in Bangalore and Kolkata. These projects encompasses both residential and commercial spaces.
In Bangalore, Godrej Properties is introducing five new developments- Godrej Whitefield, Godrej Bengal Lamps, Godrej Woodscapes, Godrej Athena, and Godrej Ananda.
Meanwhile, in Kolkata, Godrej Seven is set to be a landmark project.
The share price of Godrej Properties at the time of writing this story stands at Rs 3,178.95.
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