Godrej Properties Ltd on Friday announced that it has acquired a ~109 acres land parcel in Nagpur. The development on this land will comprise primarily plotted residential units and will offer an estimated saleable area of 2.2 million square feet, the company said in a regulatory filing.
The land parcel is located near Samrudhhi Mahamarg (the expressway connecting the cities of Mumbai & Nagpur) and MIHAN SEZ and offers connectivity to the Mumbai – Kolkata highway and Dr Babasaheb Ambedkar International Airport, Nagpur. “The location offers a well-developed social and municipal infrastructure that includes hospitals, schools, retail, and entertainment venues,” it said.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are happy to add this new project in Nagpur to our portfolio. This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding plotted development project in Nagpur that creates long-term value for its residents.”
Earlier in August, Godrej Properties posted its fiscal first quarter profit at Rs 124.94 crore, up 174.3 per cent in comparison to Rs 45.55 crore during the first quarter of FY23. It posted revenue from operations at Rs 936.09 crore, up 282.6 per cent as against Rs 244.67 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 149 crore.