Godrej Properties Enters Hyderabad Market with Rs 3,500cr Housing Project

New Delhi, Feb 14 (PTI) Realty firm Godrej Properties Ltd has bought 12.5-acre land in Hyderabad for around Rs 350 crore to develop a housing project and is expecting Rs 3,500 crore revenue.

This marks the company's foray into the Hyderabad property market.

In a regulatory filing, Godrej Properties informed that it has acquired 12.5-acre of land at Rajendra Nagar in Hyderabad but did not disclose the deal value and name of the seller.

However, market sources said the deal was struck at nearly Rs 350 crore.

Real estate consultant Anarock facilitated the land deal.

Godrej Properties has been buying land and also partnering with entities owning land parcels to expand its business amid a surge in housing demand.

"The development on this land is estimated to have a potential of around 4 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated revenue potential of about Rs 3,500 crore," the company said.

Godrej Properties expects that Hyderabad would be an important market for the company going ahead. Godrej Properties has a major presence in the Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR and Bengaluru. Gaurav Pandey, MD, and CEO of Godrej Properties, said the company is entering Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country.

"This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents,” he added.

Godrej Properties is one of the leading real estate developers in the country. It is part of the business conglomerate Godrej Group.