In a big-ticket real estate deal, Godrej Properties said it has acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop a luxury housing project.
The land parcel belonged to Rail Land Development Authority (RLDA).
Godrej Properties said in a statement that it has added a new project in the residential market of Ashok Vihar, Delhi.
"With the land acquisition value at Rs 1,359 crore, this is one of the largest land transactions in India in recent times," Godrej Properties said.
The payment for this land will be made in instalments over several years as stipulated in the tender documents.
The company will develop a luxury housing project on this 26.58 acre land parcel, with a built-up area of 3.28 million sq ft.
This is Godrej Properties' second project in Delhi after the launch of Godrej South Estate in Okhla in 2019. There are very few residential projects in the national capital by private developers.