Real estate developer Godrej Properties Ltd has bought a land parcel from BPTP Ltd in Faridabad and launched a residential plotted development project at the site.
The move marks the Mumbai-based realty firm’s first project in the Faridabad property market and also its first plotted development project in NCR, Godrej Properties said in a statement.
The company did not disclose the deal value.
Gurugram-based developer BPTP, which had hit a rough patch a few years ago, has sold its assets to generate funds. It sold its key commercial building in Gurugram to Bengaluru-based real estate firm RMZ Corp.
Spread across 43.61 acres (17.65 hectares), the project will offer approximately 95,000 square meters (1 million sq. ft.) of plotted development potential offering attractive plot sizes along with good lifestyle amenities, the statement added.
Pirojsha Godrej, executive chairman at Godrej Properties, the deal fits well with the firm’s strategy of deepening its presence in key markets across India's leading cities.
Last month, the real estate developer bought a land parcel from the Railway Land Development Authority in Central Delhi’s Ashok Vihar locality for Rs 1,359 crore.
The Mumbai developer has bought a bunch of land parcels for project launches in the recent past. Last year in May, it bought the iconic RK Studios in Mumbai.
Given the grim market conditions, land parcels are available at a favourable price. In Q3 2019-20, its total income increased by 4% to Rs 491 crore as compared to the same period last year.
The realty firm’s net profit increased by 9% to Rs 45 crore during the same period. In the quarter, it launched four projects across Navi Mumbai, Ambernath, Thane and Bangalore.
