Godrej Properties Embarks on Ambitious Land Acquisition Spree for Housing Projects

Godrej Properties has acquired five land parcels for new housing projects with a potential revenue of Rs 11,400 crore. The company plans to continue seeking land opportunities, leveraging a strong balance sheet bolstered by last year's QIP. It aims to reach a sales target of Rs 32,500 crore this fiscal.

Godrej Properties has been proactive in securing five new land parcels in the April-June quarter, aiming to develop housing projects with an estimated revenue potential of Rs 11,400 crore. The firm intends to capitalize on any attractive land acquisition opportunities that arise.

Executive Chairperson Pirojsha Godrej emphasized the company's robust financial health, citing strong operational cash flows and funds raised via a Qualified Institutional Placement last year. This fiscal prudence empowers the company to pursue valuable land purchases aggressively.

Despite a slight decline in pre-sales due to timing delays, Godrej Properties remains confident in meeting or surpassing its sales target of Rs 32,500 crore for this fiscal year, maintaining its status as the leading real estate entity in India by sales bookings.

(With inputs from agencies.)