Real estate developer Godrej Properties Ltd. on Thursday, March 14, said it has acquired 3 acre of land in Kokapet, Hyderabad. This will take the overall booking value potential for the company in Hyderabad to ₹4,800 crore, the company said in a stock exchange filing.
The land development has an estimated potential of 1.2 million square feet saleable area, which will comprise premium residential apartments of various configurations, with an estimated booking value of ₹1,300 crore, it added.
The location is near the Outer Ring Road junction, near Golden Mile Road. Kokapet is one of Hyderabad's largest commercial and residential real estate markets and has a developed social and civic infrastructure with multiple hospitals, schools, residential, retail and commercial spaces in proximity. The location is also well-connected to the Rajiv Gandhi International Airport.
The MD and CEO of Godrej Properties Gaurav Pandey said the company is pleased to add another property in Hyderabad. "It aligns well with our expansion strategy and will further solidify our position as a leading national real estate developer," he said.
Last month, the Mumbai-based real estate developer had acquired 12.5 acre land in Hyderabad's Rajendra Nagar.
"The development on this land is estimated to have a potential of 4 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated revenue potential of ₹3,500 crore," the company had said in a statement.
Godrej Properties shares ended 5.21% lower at ₹2,198.45 apiece the previous day, March 13. The stock has gained 98.45% in the past year.
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First Published: Mar 14, 2024 8:42 AM IST
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