Godrej Properties acquires 14-acre land in Pune to build housing project worth Rs 4,200 cr

Mumbai, Jun 2 (PTI) Realty firm Godrej Properties Ltd has acquired a 14-acre land in Pune to develop a housing project with a revenue potential of Rs 4,200 crore as part of its expansion plan.

In a regulatory filing on Monday, Godrej Properties said it will develop the 14-acre land parcel in Kharadi - Wagholi, Pune.

The development on this land will comprise primarily premium group housing.

"The project will have a developable potential of 3.7 million square feet with an estimated revenue potential of Rs 4,200 crore," the company said.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Kharadi - Wagholi is one of the most sought-after destinations in Pune, and we are happy to mark our entry into this micro market. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India."

"We will aim to build a high-quality development that creates long-term value for its residents," Pandey said.

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

The company has a significant presence in Mumbai Metropolitan Region, Delhi-NCR, Bengaluru and Pune. It has recently entered the Hyderabad property market.