Real estate developer Godrej Properties on Tuesday acquired 12 acres in Maharashtra’s Pune for a residential project with an estimated revenue potential of Rs 2,000 crore.
The realtor bought the parcel of land at Mundhwa in east Pune.
Mundhwa is an important micro market and the locations fits in their strategy of deepening their presence at such places across India’s leading cities, said firm’s managing director and CEO Mohit Malhotra.
However, Godrej Properties declined to share the value of the land deal.
The company is expanding its footprint in Pune. In March this year, it had acquired nine acres at Pimpri Chinchwad for a project with a revenue potential of Rs 1,400 crore. The company currently has 14 projects in Pune, including at places like Bhugaon, Hinjewadi, Kalyani, Ahire, Wagholi and Pimpri Chinchwad.
According to a Motilal Oswal Securities Research report, Godrej Properties registered its highest-ever sales in the Pune market in FY22 with bookings of Rs 1,800 crore.
Godrej Hill Retreat in Mahalunge was a top contributor, with a booking value of Rs 400 crore. Godrej has lined up close to half a million square feet of new projects or new phase launches in existing projects this year.
According to Anarock Property Consultants, Mumbai Metropolitan Region and Pune are the top two markets accounting for 56 per cent of the new launches and catering to unrelenting rise in housing demand in the cities.