On Monday, Godrej Properties Ltd it acquires 26.58 acres of prime property in the national capital for Rs 1,359 crore. Terming it one of the largest land transactions in recent past, the Mumbai-based real estate developer said the acquisition value of Rs 1,359 crore will be paid in instalments over several years as stipulated in the tender documents. The land parcel will be purchased from the Railway Land Development Authority and is situated in the city’s Ashok Vihar area.
‘Spread over 26.58 acres, this development will offer about 3 lakh square meters (3.28 million sq. ft.) of development potential and will be developed as a luxury group housing project. The site is surrounded by parks on three sides offering stunning park and city views,’ said in the statement of the company. ‘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. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents,’ said Pirojsha Godrej, executive chairman Godrej Properties, said.
Read EquityPandit’s Nifty Outlook for the Week
This the second project of the company in Delhi after the launch of Godrej South Estate in Okhla in 2019. Godrej Properties has developed many residential projects in other parts of the national capital region, including Gurgaon and Noida.