New Delhi: Godrej Properties Ltd on Monday said it has sold 683 housing units for more than Rs 1,000 crore in its new residential project in Hyderabad, driven by strong consumer demand.
In a regulatory filing, the company said it has sold inventory worth over Rs 1,000 crore in its project 'Godrej Regal Pavilion' located at Rajendra Nagar, Hyderabad. The project was launched earlier this month.
At the launch, the company had sold 683 homes with a total area of 1.20 million square feet. The total developable area in this large project is 4.14 million square feet with an estimated revenue potential of Rs 3,600 crore.
On the customers' response, Gaurav Pandey, MD & CEO, Godrej Properties, said, "This outcome reflects the rising preference for trusted, branded residences and Hyderabad's strong growth potential." Recently, Godrej Properties acquired 7.82-acre of land in Hyderabad through the auction process for Rs 548 crore.
This upcoming project would have an estimated revenue potential of Rs 3,800 crore. Godrej Properties is one of the leading real estate companies in the country. It has a significant presence in the Mumbai Metropolitan Region, Pune, Bengaluru, Delhi-NCR, and Hyderabad.
The company has ventured into many tier II cities for the development of residential plots in large townships. Godrej Properties has been aggressively acquiring land parcels, both through outright purchases and joint ventures with landowners, to expand its business.
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