Godrej Properties Acquires 90-Acre Land in Raigad for Plotted Development

New Delhi, Aug 12 (PTI) Godrej Properties has bought a 90-acre land parcel at Khalapur, in Raigad, Maharashtra for residential plotted development.

The land parcel is estimated to have a development potential of around 1.7 million square feet of saleable area consisting primarily of residential plotted development, the company said in a regulatory filing.

The company did not share the details of investment on the said land acquisition.

"Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region," Gaurav Pandey, MD & CEO, Godrej Properties, said.

Khalapur is located about 70 kilometres from Mumbai.

The land is in proximity to the Mumbai Trans Harbour Link and the Mumbai-Pune Expressway, providing excellent connectivity to Mumbai, Navi Mumbai, and Pune.

Godrej Properties has been buying land in tier II and tier III locations for plotted development.

For group housing projects, Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune and Hyderabad.

In the last fiscal, Godrej Properties' sales bookings jumped 84 per cent to a record Rs 22,527 crore, highest among listed realty firms during 2023-24.

The company has set a target of achieving sales bookings of Rs 27,000 crore this fiscal.

Already, the sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal, as against Rs 2,254 crore in the year-ago period.

This is the company's highest-ever quarterly sales for the June quarter and its second highest quarterly sales ever.

Recently, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year.

The total income of the company grew to Rs 1,699.48 crore during April-June period of 2024-25 fiscal, from Rs 1,265.98 crore in the corresponding period of the previous year.