Godrej Properties on Wednesday announced that it has acquired an approximately 53 acre land parcel in Joka, Kolkata, with an estimated development potential of around 1.3 million square feet of saleable area. This will comprise primarily residential plotted development with an estimated revenue potential of around Rs 500 crore.
The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway.
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Joka has rapidly transformed into a promising residential hub in Kolkata, fuelled by infrastructure growth. With IIM-Calcutta as an educational landmark, enhanced healthcare facilities, and commercial centers, Joka offers residents convenience and quality of life.
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Gaurav Pandey, MD & CEO, Godrej Properties, said, “This land acquisition fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents.”
Earlier this month, Godrej Properties had reported a 2 per cent increase in its net debt during the September quarter, reaching Rs 7,572 crore, with the company focusing on land acquisition and future growth strategies. The company’s net debt stood at Rs 7,432 crore at the end of the June quarter, according to an investor presentation.
Godrej Properties has also achieved its highest ever Q2 and H1 performance on operational parameters, including bookings, collections, operating cash flow and new business development. It said its Q2 booking value grew 3 per cent YoY to nearly Rs 5,200 crore from sale of over 5.1 million sq ft.
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