India’s leading real estate developer Godrej Properties, on Thursday 14th March 2024, announced the acquisition of approximately 3 acres of land in Kokapet Hyderabad marking its second significant land acquisition in the city.
The Land Acquisition
The acquired land is estimated to have a potential of nearly 1.2 million square feet of saleable area, primarily comprising premium residential apartments. According to the company, the estimated booking value is approximately INR 1300 Cr. The total booking value would now be INR 4800 Cr in Hyderabad, the company added.
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The newly acquired land is strategically located in Kokapet, near the Outer Ring Road Junction close to Golden Lime Road. Kokapet is recognised as one of the largest commercial and residential real estate markets in Hyderabad, boasting well-developed commercial spaces nearby.
Transaction is a Strategic Acquisition
CEO & MD of the Godrej Properties Mr Gaurav Pandey, expressed his delight at this strategic acquisition, stating, “We are pleased to add another project in Hyderabad, which is amongst the largest and fastest-growing residential real estate markets in the country.” “It aligns well with our expansion strategy and will further solidify our position as a leading national real estate developer. We will aim to build an outstanding residential community that creates long-term value for its residents”, he added.
Godrej Properties, the real estate arm of the Godrej Group, operates across various cities, focusing on residential, commercial, and township development. As of December 31, 2023, Godrej Industries holds 58.48% of the company’s equity shares.
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Financial Performance
In terms of financial performance, Godrej Properties witnessed a 6% increase in consolidated net profit, reaching INR 62.27 Cr in Q3 FY24 compared to INR 58.74 Cr in Q3 FY23. Revenue from operations surged by an impressive 68.39% year-on-year to INR 330.44 Cr in Q3 FY24.
Despite the positive developments, the scrip of Godrej Properties experienced a slight dip, falling by 1.57% to currently trade at INR 2170.95 on the BSE.
Disclaimer
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