Godrej Properties Ltd, the realty giant entered into the real estate market of Hyderabad. The reputed developer bought 21.5 acre land in the city of nawabs with a revenue potential of Rs.3, 500 crore.
It is the maiden real estate deal for the reputed developer in Hyderabad. In a regulatory filling, Godrej Properties informed that it has acquired 12.5 acre of land at Rajendra Nagar in Hyderabad.
After finalizing the deal, developer said, “The development on this land is estimated to have a potential of around 4 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated revenue potential of about Rs. 3,500 crore.”
The company further said, that Hyderabad is an important market in the real estate business. Before moving into the city, Godrej Properties has a strong presence in the property market of Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR, and Bengaluru.
Gaurav Pandey, MD and CEO of Godrej Properties, said the company is entering Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country.
“This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents”, he said.
Earlier to this, Godrej Properties bought 4-acre land parcel in Bangalore. The developer plan to build a premium housing project in 7-lakh square feet area with a potential revenue of Rs. 1,000 crore. In the exchange filing, developer said, the acquisition of additional 1-acre land will ascend the potential revenue from the project to Rs. 1250 crore.
Gaurav Pandey, MD & CEO of Godrej Properties said, “Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio. This will further strengthen our presence in Bangalore and complement our strategy of deepening our presence in key micro markets across India’s leading cities.”
The land is in Yeshwanthpur, close to National Highway 75, which is also a prime location in Bangalore. This locality has a strong social infrastructure including robust commercial and social places. The quick connectivity to Goraguntepalya and Peenya metro stations ease travel feasibility to Central Business Districts in the city.
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