Godrej's Rs 3100 Cr Pune Project

Mumbai, Jun 17 (PTI) Realty firm Godrej Properties Ltd has acquired 16-acre land in Pune to develop a housing-cum-retail project with an estimated revenue of Rs 3,100 crore.

In a regulatory filing on Tuesday, the company informed it will develop about 16-acre land parcel in Upper Kharadi, Pune.

"The development on this land will primarily comprise premium group housing and high-street retail. The project will have a developable potential of about 2.5 million square feet with an estimated revenue potential of around Rs 3,100 crore," Godrej Properties said.

This is the company's second land acquisition this month in the Kharadi-Wagholi belt, taking the estimated cumulative revenue potential from the two developments to about Rs 7,300 crore. The company did not mention whether the acquisition of this land parcel is through outright purchase or partnership with the landowner.

Gaurav Pandey, MD and CEO, Godrej Properties, said,"Upper Kharadi has rapidly emerged as one of Pune's most promising real estate corridors, driven by its evolving infrastructure and strong connectivity".

On Monday, Godrej Properties announced a partnership with a landowner to develop 14-acre premium housing project in Bengaluru with an estimated revenue of Rs 1,500 crore.

"The proposed development is expected to offer approximately 1.5 million square feet of saleable area with an estimated revenue potential of about Rs 1,500 crore," the company had said.

Earlier this month, Godrej Properties acquired 14-acre land in Pune for around Rs 800 crore to develop a housing project.

The company expects a revenue of Rs 4,200 crore from the Pune project, which has a developable potential of 3.7 million square feet.

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