Muristek
Godrej Properties buys 50 acre land at Haryana’s Sonipat for plotted development
New Delhi, March 15
Realty firm Godrej Properties Limited on Tuesday said it has bought about 50 acre of land parcel at Sonipat in Haryana for plotted development as part of its plan to expand business across major cities.
This project will offer about 10 lakh square of plotted residential development, offering attractive plot sizes.
The Mumbai-based firm did not disclose the deal value as well as the name of the seller.
This is the second major land deal by Godrej Properties in the Delhi-NCR area.
In February 2020, it had acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop a luxury housing project.
Mohit Malhotra, MD amp; CEO of Godrej Properties, said, "We are pleased to announce our entry into Sonipat. The project fits well with our strategy of deepening our presence across the country's leading real estate markets".
Sonipat as a micro-market has seen a lot of infrastructure developments over the past couple of years and is going to play a vital role in the NCR growth story, he added.
Godrej Properties said the site is strategically located with good connectivity to the Delhi border and national highways.
In addition, the site is in close proximity to the upcoming educational and industrial hub of Sonipat and offers a well-developed social infrastructure.
In an interview with PTI last month, Godrej Executive Chairman Pirojsha Godrej had mentioned about the company's plans to invest around Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects.
He was upbeat on the growth potential in the housing and commercial real estate segments, especially in four major markets: Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune -- where the company has a huge presence.
"We will invest USD 1 billion (around Rs 7,500 crore) over the next 12-18 months on the development of new projects," Pirojsha had said.
Godrej Properties, the largest listed realty firm in the last fiscal in terms of sales bookings, acquires new projects through outright purchase of land parcels and also via joint ventures with land owners.
Pirojsha said the company acquired three projects in the third quarter of this fiscal.
The company is likely to achieve all-time high sale bookings in the 2021-22 financial year, beating the last year's record of Rs 6,725 crore.
According to a report by Housing.com, the prices of residential plots across eight major Indian cities went up by an average of seven per cent annually since 2015, while rates of apartments rose by two per cent only.