Godrej Properties bags Rs 300 cr property in Gurugram to develop residential colony

Spacious homes and workspaces on offer in Gurugram, has turned it into a real estate hub for those willing to stay close to Delhi, but want to avoid the traffic snarls and congestion of the national capital. It was among the parts of the NCR which clocked the highest price rise last year, despite rising interest rates and inflation. Now real estate developer Godrej Properties has scaled up its share in the Gurugram property market by 9-acre, with an investment of Rs 300 crore.

The land will be used for developing a residential colony, with a development potential of up to 1.6 million square feet. Once completed, the housing project has the potential to bring in revenue as high as Rs 2,500 crore. It will be connected to Golf Course Road Extension, which saw a 21 per cent rate hike in the second quarter of 2022.

The purchase is a part of Godrej's aggressive expansion, for which it has set aside $1 billion to develop real estate. Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune are main focus areas for the company, which has already bought 10 land parcels in FY23 and is eyeing sales worth more than Rs 20,000 crore.

Another deal for Godrej in Gurugram is its partnership with a landowner to develop 14.27 acre land, with an expectation of Rs 3,000 crore in revenues.