Godrej Properties expands Indore presence after adding 31-acre land parcel for residential project

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Godrej Properties said the Indore-Ujjain Road continues to be one of the fastest-growing residential corridors in the city, with easy access to the Indore International Airport, Ujjain city and key commercial centres, as well as well-established schools and hospitals.

Shares of Godrej Properties Ltd. are in focus on Friday, November 13, after the company said it has added a 31 acre land parcel on the Indore-Ujjain Road in Indore.

The land is planned for a plotted residential development with an estimated saleable area of 0.7 million square feet, the real estate developer said in its exchange filing.

The proposed development will offer residential plots of varying sizes, supported by planned infrastructure, recreational spaces and premium amenities, Godrej Properties informed the exchanges on Friday.

The company said the transaction strengthens its presence in Indore and expands its footprint in he micro-market. It has two plotted developments in city, namely Godrej Greenview and Verdania Estate.

Godrej Properties said the Indore-Ujjain Road continues to be one of the fastest-growing residential corridors in the city, with easy access to the Indore International Airport, Ujjain city and key commercial centres, as well as well-established schools and hospitals.

The planned expansion of the metro network, the growth of the corporate and IT sector and continued infrastructure development have strengthened Indore's residential market, Godrej Properties said, adding that the demand for plotted homes has risen steadily as buyers seek more space and the freedom to design their own homes.

"Located on Indore-Ujjain Road, the land gives us the opportunity to create a thoughtfully planned community and build on the momentum of our existing projects," Gaurav Pandey, the MD and CEO of Godrej Properties, said.

Godrej Properties reported its earnings for the second quarter last month. Its net profit fell 62% to ₹154 crore from ₹405 crore last year. However, its revenue more than doubled to ₹1,935 crore from ₹740 crore in the previous fiscal.

The company's EBITDA loss declined to ₹469 crore from the EBITDA loss of ₹513 crore in the year-ago period.

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