Real estate developer Godrej Properties Ltd has bought a land parcel in Central Delhi’s Ashok Vihar locality for Rs 1,359 crore ($190 million at current exchange rate), marking one of the biggest transactions in India’s realty market in recent months.
The land parcel, which will be purchased from the Railway Land Development Authority, would be developed into a residential project, giving an opportunity to the developer to create a project close to the heart of the city.
Ashok Vihar is situated 11 kms from Connaught Place.
"Spread over 26.58 acres, this development will offer approximately 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 park and city views," Godrej said in a statement.
This is Mumbai developer’s second project in Delhi after the launch of Godrej South Estate in Okhla in 2019. The realty firm has developed many residential projects in other parts of the national capital region, including Gurgaon and Noida.
“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 at Godrej Properties.
The developer witnessed a total booking value of Rs 1,189 crore and a total booking volume of 1.58 million sq ft as in the third quarter of the current financial year, as against the total booking value of Rs 1,528 crore and total booking volume of 2.80 million sq ft in the same quarter last fiscal.
In the latest quarter, it added 4 new projects with a saleable area of 12.7 million sq. ft. and entered into a joint venture to develop a township project in Navi Mumbai.
Godrej Properties bets
In May 2019, Godrej Properties said it bought the iconic RK Studios and plans to develop a mixed-use real estate project on the land parcel.
In May 2018, the realty firm had said it will raise about Rs 1,000 crore ($150 million) from Ganmat Pte Ltd by issuing 12.76 million preferential shares.