Godrej Properties Acquires 46-Acre Land in Indore for Rs 200 Cr

New Delhi, Jul 31 (PTI) Godrej Properties Ltd on Wednesday said it has acquired 46-acre land in Indore for around Rs 200 crore to develop housing plots as part of its expansion plan amid strong consumer demand.

The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of around 1.16 million square feet, the company said in a regulatory filing.

According to sources, the company has bought this land outright for around Rs 200 crore.

Gaurav Pandey, MD & CEO, Godrej Properties, said the company has entered in Indore, Madhya Pradesh with this acquisition.

"Residential plotted development has gained significant traction in recent years and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space. This aligns well with our ongoing growth strategy of entering fast-growing cities from a plotted development perspective," he added.

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

It has a major presence in Delhi-NCR (Nationa Capital Region), Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.

In the previous financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over Rs 22,000 crore.