Godrej Properties acquires 60-acres land parcel in Chennai

The real estate developer said that it has purchased 60 acres on an outright basis in the fast-developing micro market of Oragadam Junction, Chennai.

Spread across approximately 60 acres, the proposed project is estimated to have a developable potential of approximately 1.6 million square of saleable area, comprising primarily of residential plotted development.

The site is strategically located in between Grand South Trunk road (GST road) and NH-4, just off Oragadam Junction (on the 6-lane SH-48) offering access to other parts of the city via Chennai Bypass Road, Chennai Tiruvallur High Road and Red Hills Road.

Oragadam Junction is recognized as one of the fastest-growing business and largest industrial corridors of Chennai, with manufacturing facilities of 22 Fortune 500 companies spread across the industrial belt stretching from Sriperumbudur to Oragadam. The area is well-connected via road and rail and offers good civil and social infrastructure consisting of schools, colleges, hospitals and retail outlets.

Gaurav Pandey, MD & CEO, Godrej Properties, said, We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India's leading cities. We will aim to build an outstanding plotted development project in Chennai that creates long term value for its residents.

Godrej Properties is engaged in the business of real estate construction, development and other related activities. In FY 2021, the company emerged as the largest developer in India by the value and volume of residential sales achieved.

The company's consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22.

The scrip advanced 0.31% to currently trade at Rs 1241.15 on the BSE.

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