Godrej Properties to buy railway land in Delhi for Rs. 1,359 crore.

Godrej Properties, one of India's largest land bank owners, recently announced that it will buy land from the Railway Land Development Authority for developing a new project in the residential market of Ashok Vihar, Delhi.

The land acquisition value of Rs. 1,359 crore will be paid in instalments over several years, as stipulated in the tender documents. The residential land transaction is said to be one of the largest in India so far this year.

Spread over 26.58 acres, this development will offer about 3 lakh square meters (3.28 million sq. ft.) of development potential and will be developed as a luxury group housing project. The site is surrounded by parks on three sides offering stunning park and city views, Godrej said in a statement.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents."

This is GPL’s second project in Delhi after the launch of Godrej South Estate in Okhla in 2019. GPL has developed many residential projects in other parts of NCR, including Gurgaon and Noida.

HBL