Godrej Properties to Develop 11-Acre Project in Pune with Rs. 1,800 Crore Revenue Potential.

Godrej Properties Ltd. (GPL) announced on Monday a new project in Hinjewadi, Pune, securing an approximately 11-acre land parcel with an estimated revenue potential of Rs 1,800 crore. The project will include group housing and high street retail, with a developable potential of around 2.2 million square feet, according to an exchange filing.

The newly acquired land is in a prime location near the upcoming Megapolis Metro Station, enhancing its accessibility to major IT hubs in Hinjewadi. This location is expected to attract significant interest from both residential and commercial investors due to its proximity to essential amenities such as schools, hospitals, shopping malls, restaurants, and premium hotels.

Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, expressed his optimism about the project, stating, "Hinjewadi is an important micro-market for us in Pune, and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding gated community that creates long-term value for its residents."

In addition to this project, Godrej Properties has a series of pre-launch projects in Bangalore and Kolkata, encompassing both residential and commercial spaces. In Bangalore, the company is introducing five new developments: Godrej Whitefield, Godrej Bengal Lamps, Godrej Woodscapes, Godrej Athena, and Godrej Ananda. Meanwhile, in Kolkata, Godrej Seven is set to be a landmark project.

At the time of writing, the share price of Godrej Properties stands at Rs. 3,178.95.

ET