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Godrej Properties Ltd. (GPL) has acquired approximately 109 acres of land in Nagpur. The company plans to develop primarily residential units on this land, offering a saleable area of around 2.2 million square feet.
The strategic location of the land near the Samrudhhi Mahamarg expressway, MIHAN SEZ, and the Mumbai-Kolkata highway, as well as its proximity to the Dr. Babasaheb Ambedkar International Airport, Nagpur, provides excellent connectivity. The area also boasts a well-developed social and municipal infrastructure, including hospitals, schools, retail outlets, and entertainment venues.
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."
In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved. The company reported consolidated net profit of Rs 124.94 crore in Q1 FY24, steeply higher than Rs 45.55 crore in Q1 FY23. Revenue from operations zoomed to Rs 936.09 crore in June 2023 quarter from Rs 244.67 crore in the quarter ended 30 June 2022.
The scrip declined 2.78% to settle at Rs 1536.60 on 28 September 2023.
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