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Godrej Properties Ltd has won bids to acquire three land plots in the Mumbai Metropolitan Region (MMR). The company will develop a residential project on these plots with a revenue potential of Rs 3,500 crore. According to company information, these plots spread over 6.54 acres will have a development capacity of about 20 lakh square feet.
New Delhi. Real estate company Godrej Properties Ltd has won bids to acquire three land plots in the Mumbai Metropolitan Region (MMR). The company will develop a residential project on these plots with a revenue potential of Rs 3,500 crore. According to the e-auction platform of Maharashtra Urban and Industrial Development Corporation (CIDCO), Godrej Properties Ltd said in a filing to the stock exchange on Wednesday that it is “developing a group housing project at a premium location in Sector 5-A, Kharghar.” Has emerged as the highest bidder for the project.
According to company information, these plots spread over 6.54 acres will have a development capacity of about 20 lakh square feet. Its estimated combined revenue potential is around Rs 3,500 crore. However, the company did not disclose the deal value of these three plots. These plots are connected to each other. Gaurav Pandey, Managing Director (MD) and Chief Executive Officer (CEO), Godrej Properties, said, “Our entry into the Kharghar micro market is in line with our strategy to strengthen our segment across key real estate markets in India.” Amidst the housing demand, Godrej Properties continues to acquire land to expand its business.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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