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Godrej Properties purchases 109 acres in Nagpur for residential development

Friday, 29 Sep 2023
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Godrej Properties has acquired around 109 acres of land parcel with saleable area of 2.2 million sq. ft. to develop primarily plotted residential units in Nagpur, Maharashtra.

The land is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN special economic zone (SEZ).

This acquisition aligns with Godrej's strategy to enhance its portfolio in the city as well as to strengthen its presence across key micro-markets in India. The location offers a well-developed social and municipal infrastructure, including hospitals, schools, retail, and entertainment venues.

The real estate development arm of the Godrej Group is focusing on leveraging its brand and financial position to tap consolidation opportunities in the real-estate segment through outright acquisitions, alliances, and joint development agreements for land parcels.

In April this year, the company acquired a land parcel extended over four acres near Koregaon Park, an upmarket residential area in Pune, to develop a luxury group housing project on this land parcel.

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