Realty firm Godrej Properties Ltd on Tuesday said it has acquired a 4-acre land parcel in Bengaluru to develop a luxury housing project and expects a revenue of Rs 1,000 crore through sales of apartments.
In a regulatory filing, Godrej Properties informed that the company has "purchased a 4-acre land parcel on an outright basis."
The land is located in Yeshwanthpur abutting the National Highway - 75, one of the prime locations in Bengaluru.
This project is estimated to have a developable potential of about 0.7 million square feet of saleable area comprising primarily of premium residential apartments, it said.
Godrej Properties said that the project has an "estimated revenue potential of Rs 1,000 crore with scope to increase to Rs 1,250 crore basis additional 1-acre land acquisition, making it a 5-acre parcel."
Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.
Gaurav Pandey, MD & CEO, Godrej Properties said, "Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio."
This acquisition will further strengthen the company's presence in Bengaluru, he added.
Seeking to encash strong housing demand, Godrej Properties has set a target of acquiring multiple land parcels during this fiscal that can help generate revenue of around Rs 15,000 crore post-development.
Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development.
Godrej Properties focuses on four markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune, although it has projects in some other locations as well.
In November, Godrej Properties Executive Chairperson Pirojsha Godrej told PTI that the company would meet its target to sell properties worth Rs 14,000 crore this fiscal on strong demand for its ongoing and upcoming housing projects.
Godrej Properties had sold properties worth Rs 12,232 crore in the previous fiscal.
Already, during April-September 2023-24, Godrej Properties has achieved 48 per cent growth in its sales booking to Rs 7,288 crore, as against Rs 4,929 crore in the year-ago period.