Godrej Properties on Wednesday announced that it has acquired approximately 46-acre land parcel in Indore. “The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of ~1.16 million square feet,” it said in a regulatory filing.
The land is located just off Indore-Ujjain Road which is a major upcoming corridor of Indore and is slated to be widened to a 6-lane highway and an important residential and commercial area in the city. The location, the company added, offers good connectivity to key landmarks such as the Indore International Airport, Indore Junction railway station, educational institutes, and medical infrastructure. The proposed expansion of Metro lines, the growth of corporate and IT sectors, and ongoing infrastructure development have further contributed to the growth of the residential real estate market in the city.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are happy to announce our entry in Indore, Madhya Pradesh. Residential plotted development has gained significant traction in recent years and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space. This aligns well with our ongoing growth strategy of entering fast growing cities from a plotted development perspective. We will aim to build an outstanding sustainable community that delivers long-term value to its residents and taps into Indore’s growth potential.”
Earlier in May, Godrej Properties reported a 14 per cent increase in its net profit, at Rs 471 crore, up from Rs 412 crore in Q4FY23. Total revenue grew by 1 per cent to Rs 1,952 crore during the period compared to Rs 1,930 crore in the same period of the previous financial year.