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The development will primarily be for a group housing project. Based on the current business assumptions, the project will have a developable potential of approximately 1.7 million square feet of saleable area with an estimated revenue potential of approximately Rs 1,400 crore.
Pimpri-Chinchwad is one of the established residential locations in Pune and has excellent connectivity to all major social and commercial hubs of Pune city, Godrej Properties said in a statement.
Mohit Malhotra, MD & CEO, Godrej Properties, said, "Pimpri Chinchwad is an important micro-market in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in key micro markets across India's leading cities."
In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
On consolidated basis, net profit of Godrej Properties jumped 171.4% to Rs 38.95 crore on 63.5% surge in net sales to Rs 278.76 crore in Q3 December 2021 over Q3 December 2020.
Shares of Godrej Properties rose 1.79% to Rs 1665.15 on Wednesday, 30 March 2022.
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