Godrej Properties Ltd (GPL) announced on July 1 that it will develop a housing and high-street retail project with an estimated revenue of around ₹1800 crore on an around 11-acre land parcel in Hinjewadi, Pune, the company said in a regulatory filing.
The company said that it has “acquired leasehold rights for around 11 acre land parcel in Hinjewadi, Pune, offering developable potential of about 2.2 million square feet with an estimated revenue potential of around ₹1800 crore.”
The development on this land will comprise primarily a group housing and high street retail project, it said.
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The land parcel is strategically located near the upcoming megapolis Metro station and offers good connectivity to major IT hubs in Hinjewadi, Pune along with access to schools, hospitals, malls, restaurants, and premium hotels.
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“Hinjewadi is an important micro market for us in Pune and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding gated community that creates long-term value for its residents,” said Gaurav Pandey, MD and CEO, Godrej Properties.
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Mumbai-based Godrej Properties is one of the leading developers in the country. In May the company reported its highest-ever quarterly profit as earnings jumped 14% annually to ₹471.26 crore in the March quarter, spurred by better income and strong housing sales.
Total income of the company rose to ₹1,914.82 crore in the fourth quarter of last fiscal from ₹1,838.82 crore in the corresponding period of the previous year, the company had informed in a regulatory filing.
