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Godrej Properties buys 26 acre land for Rs 1,359 crore in Delhi
Godrej Properties termed the deal as one of the “largest” land transactions in India in recent times.
Godrej Properties, a Mumbai-based real estate developer, has purchased 26 acres of land in central Delhi’s Ashok Nagar at Rs 1,359 crores. The property situated 11-kilometers from Connaught Place, has been acquired from the Rail Land Development Authority (RLDA).
Godrej Properties termed the deal as one of the “largest” land transactions in India in recent times. The company said that it will be paying the amount for the land in instalments and over several years specified in the tender document.
Spread across 26.58 acres, the land is expected to offer a rare opportunity to create a large and well-planned modern development in the area.
It will offer approximately 3 lakh square meters (3.28 million square feet) of development potential and will be developed as a luxury group housing project which will offer world-class lifestyle amenities.
Talking about the new investment, Executive Chairman of Godrej Properties Pirojsha Godrej said that it is one of the most exciting projects in the company’s development portfolio and is expected to contribute significantly towards the growth of the business of Godrej Properties in the national capital region (NCR).
He added that Godrej Properties will seek to ensure a landmark project that delivers an “outstanding lifestyle” for residents.
It is the second such investment of Godrej Properties in Delhi after the launch of Godrej South Estate in Okhla in 2019.
Godrej Properties is currently developing residential, commercial and township projects spread approx 17.44 million square meters (187.7 million square feet) across 78 projects in 10 cities.
The real estate wing of Godrej Group in December last year added nearly 1.18 million square meters (12.70 million square feet) to their development portfolio. The company will be developing three new properties in Mumbai Metropolitan Region (MMR) and one in North Bengaluru.
