Godrej Properties to develop a 9-acre project in Pune.

The real estate developer has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune.

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.

BS