Real estate developer Godrej Properties on Wednesday, February 14, said it has acquired 12.5 acre land in Hyderabad's Rajendra Nagar.
In a press release submitted to the stock exchanges, the company said Hyderabad is expected to be an important market for the developer in the coming years.
"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 statement said.
The company's MD and CEO Gaurav Pandey said this acquisition is in line with the developer's strategy of strengthening its portfolio across key markets in India. "We will seek to deliver a landmark project that creates long-term value for its residents," he said.
Rajendra Nagar in Hyderabad has several schools, hospitals, retail outlets and colleges present in the locality, as per the statement. "The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial hubs of Hyderabad city," it added.
Godrej Properties shares ended nearly 1% higher at ₹2,280.9 apiece in the previous trade session on February 13.
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