Godrej Properties to Acquire Land in Kolkata

Godrej Properties (GPL) is planning to acquire a 7.44-acre land parcel at New Alipore, a premium residential locality in Kolkata from West Bengal Housing Infrastructure Development Corporation, having been declared as the highest bidder in its e-auction. GPL will develop this land parcel as a luxury group housing project. New Alipore has an established physical and social infrastructure. The location offers excellent connectivity to all major social and commercial hubs of Kolkata city. 

The company posted the highest ever quarterly and annual project deliveries with delivered projects aggregating over 10 million sq. ft. across 5 cities in FY23 including 7.6 million sq. ft. in Q4. The company added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million sq. ft. and a total estimated booking value of Rs 32,000 crore which is more than double the guidance of Rs 15,000 crore of estimated booking value for FY23. This included 5 new projects with an expected booking value of Rs 5,750 crore in Q4. 

The Q4FY23 bookings of the company stood at Rs 4,051 crore and the FY23 booking value grew by 56% to Rs 12,232 crore. The sales volumes for the quarter grew by 19% QoQ in area terms from 4.42 million sq. ft. to 5.25 million sq. ft. And sales volumes for the full financial year grew by 40% in area terms from 10.84 million sq. ft. to 15.21 million sq. ft.  

Godrej Properties is a realty firm of Godrej group and it is one of the leading real estate development companies in India based in Mumbai, Maharashtra. Currently, their business focuses on residential, commercial, and township developments.