Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore.
Mumbai-based Godrej Properties, which is part of business conglomerate Godrej Group, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance.
Godrej acquires land outrightly and also enters into joint development agreements with landowners to create a pipeline of future projects and expand its business. n a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore."