The land parcels are located in Sector 146, Noida and are spread over 12.4 acres.
"GPL will develop residential group housing on the land parcels located in Sector 146, Noida. Spread over 12.4 acres, the land parcels will offer approximately 3.2 million square feet of development potential comprising primarily premium residential apartments of varied configurations," Godrej Properties said in its regulatory filing.
“We have witnessed strong demand for our existing projects in Noida and these projects will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India's leading cities," said Mohit Malhotra, MD & CEO, Godrej Properties.
Godrej Properties announced the acquisition of a 12-acre land parcel in Mundhwa -East, Pune. The project is expected to have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately ₹2,000 crore. The development on this land will primarily be for a premium group housing project.
Godrej Properties' consolidated net profit rose 53.82 per cent to ₹54.96 crore in the September quarter from ₹35.72 crore in the corresponding quarter last fiscal.
The company's revenue from operations rose from 27.66 per cent to ₹165.09 crore in Q2 FY23 over Q2 FY22.
Godrej Properties aims to achieve ₹10,000 crore booking value for the current fiscal FY23.
