In a regulatory filing made before market hours today, the Mumbai based developer has informed about the acquisition of a land parcel that has a strategic location and is a high potential area in Hyderabad’s Rajendra Nagar.

The company further stated that the development on this land is estimated to have a potential of approximately 4 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of approximately Rs 3,500 crore. The project will cater to the aspirations of discerning home buyers in Hyderabad, who are looking for a high-quality living experience with modern amenities and design.

Rajendra Nagar has a well-developed physical and social infrastructure with the presence of schools, colleges, hospitals, and retail outlets. The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial hubs of Hyderabad city.

Gaurav Pandey, MD, and CEO of Godrej Properties, said: "We are pleased to announce our entry into Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents."

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The real estate developer’s consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% to Rs 330.44 crore in Q3 FY24 from Rs 196.23 crore recorded in the corresponding quarter previous year.

The scrip shed 0.26% to currently trade at Rs 2274.30 on the BSE.