Godrej Properties, real estate arm of Godrej Group, has entered into a pact to acquire a 26-acre land parcel in central Delhi’s Ashok Vihar locality for Rs 1,359 crore. The Mumbai-based developer will be acquiring this plot from the Railway Land Development Authority.
The payment for this land will be made in installments over several years as stipulated in the tender documents, the company said in a release.
This is one of the few outright transactions executed by the company, which is known for forming alliances and entering into development agreements with landlords. The deal is also one of the large land transations so far this year.
“We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Spread over 26.58 acres, this development will offer around 3.28 million sq ft of development potential. The company is planning to develop this parcel as a luxury group housing project. This is Godrej properties second project in Delhi after the successful launch of Godrej South Estate in Okhla in 2019. It has developed many residential projects in other parts of NCR including Gurgaon and Noida.The Indian Railways expects to earn Rs 7,500 crore from three more land parcels near metro stations in Delhi by monetizing them under the Transit Oriented Development (TOD) scheme.
(Source: Economic Times)
