Godrej Properties on land-buying spree; to acquire Rs 15k cr projects
Seeking to encash strong housing demand, realty firm Godrej Properties will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development.
Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development.
In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej said the company will continue to add new land parcels for future developments, but it will scale down the pace.
Asked about the FY24 guidance for new business development, which means outright land purchase and joint development agreements (JDAs) with landowners, he said, for now it has been set at Rs 15,000 crore in this fiscal.
However, Pirojsha said the company would easily achieve higher numbers.
On reasons behind setting a lower target for new business development, Pirojsha said, "Last year was an exceptional year. Not necessarily we will have such numbers every