Godrej Properties, one of India’s top real estate developers, is set to acquire a 7.44-acre land parcel in New Alipore, Kolkata, for the development of a luxury housing project with an estimated sales revenue potential of around INR12 billion ($163 million). In a regulatory filing, the company said it will purchase the land from West Bengal Housing Infrastructure Development Corporation for an undisclosed amount. Although Godrej Properties did not disclose the bidding amount, it was declared the highest bidder in an e-auction. The development project is expected to have approximately 980,000 square feet of developable potential, with an estimated revenue potential of around INR12 billion. Godrej Properties has a strong presence in several Indian cities, including Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune, with a strategy of aggressively acquiring land outright and entering into joint development agreements to create a pipeline for future development.
Godrej Properties Acquires 7.44-acre Land in Kolkata for Rs 1200 Cr Housing Project
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