<p>Godrej Properties on Friday said it has acquired a 60-acre land in Chennai to develop a residential project, as it seeks to expand business amid rise in housing demand.</p>.<p>In a regulatory filing, the company informed that it has purchased the land on an outright basis in the micro market of Oragadam Junction, Chennai.</p>.<p>The company did not disclose the deal value.</p>.<p>"Spread across 60 acre, the proposed project is estimated to have a developable potential of approximately 1.6 million square feet of saleable area, comprising primarily of residential plotted development," the filing said.</p>.<p>Gaurav Pandey, MD & CEO, Godrej Properties, said, the acquisition of this land parcel fits with its strategy of deepening the company's presence across India's leading cities.</p>.<p>"We will aim to build an outstanding plotted development project in Chennai that creates long-term value for its residents," he added.</p>.<p>Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.</p>.<p>It mainly focuses on four cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.</p>.<p>Godrej Properties has set a target of Rs 10,000 crore of sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.</p>.<p>It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.</p>.<p>Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on future development of projects.</p>.<p>It is aggressively acquiring land parcels either outright or in partnership with land owners.</p>.<p>As per the plan, Godrej Properties has already added around 12 land parcels this fiscal year with an estimated sales potential of more than Rs 20,000 crore.</p>.<p>With three months still left in 2022-23 fiscal year, Godrej Properties might add another Rs 5,000-10,000 crore worth projects in its portfolio.</p>.<p>Recently, the company bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project.</p>.<p>Last month, Godrej Properties purchased about 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.</p>.<p>In December only, Godrej Properties bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.</p>.<p>It also partnered with landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.</p>.<p>In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.</p>
<p>Godrej Properties on Friday said it has acquired a 60-acre land in Chennai to develop a residential project, as it seeks to expand business amid rise in housing demand.</p>.<p>In a regulatory filing, the company informed that it has purchased the land on an outright basis in the micro market of Oragadam Junction, Chennai.</p>.<p>The company did not disclose the deal value.</p>.<p>"Spread across 60 acre, the proposed project is estimated to have a developable potential of approximately 1.6 million square feet of saleable area, comprising primarily of residential plotted development," the filing said.</p>.<p>Gaurav Pandey, MD & CEO, Godrej Properties, said, the acquisition of this land parcel fits with its strategy of deepening the company's presence across India's leading cities.</p>.<p>"We will aim to build an outstanding plotted development project in Chennai that creates long-term value for its residents," he added.</p>.<p>Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.</p>.<p>It mainly focuses on four cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.</p>.<p>Godrej Properties has set a target of Rs 10,000 crore of sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.</p>.<p>It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.</p>.<p>Early last year, Godrej Properties Executive Chairman Pirojsha Godrej had announced that it would invest USD 1 billion on future development of projects.</p>.<p>It is aggressively acquiring land parcels either outright or in partnership with land owners.</p>.<p>As per the plan, Godrej Properties has already added around 12 land parcels this fiscal year with an estimated sales potential of more than Rs 20,000 crore.</p>.<p>With three months still left in 2022-23 fiscal year, Godrej Properties might add another Rs 5,000-10,000 crore worth projects in its portfolio.</p>.<p>Recently, the company bought a 9-acre land in Gurugram for around Rs 300 crore to develop a housing project.</p>.<p>Last month, Godrej Properties purchased about 62-acre land in Kurukshetra, Haryana for over Rs 100 crore to develop a plotted residential project.</p>.<p>In December only, Godrej Properties bought a 18.6-acre land at Kandivali in Mumbai to develop a premium housing project with an estimated sales revenue of Rs 7,000 crore.</p>.<p>It also partnered with landowner for joint development of 14.27 acre of land in Gurugram and expects around Rs 3,000 crore sales revenue from development of a housing project on this land.</p>.<p>In November, Godrej Properties won two adjacent land parcels through an auction totalling 12.4 acre in Noida for Rs 377 crore.</p>