Godrej Properties acquires 50 acres of land in Sonipat 

Mumbai-based developer Godrej Properties on Tuesday announced that it has purchased around 50 acres of land in Haryana’s Sonipat. This project will offer approximately 1 million sq ft of plotted residential development, the company said in a statement.

The company further stated that the site has connectivity with the Delhi border and national highways. It is also in close proximity to the upcoming educational and industrial hub of Sonipat. Godrej Properties site in Sonipat also offers a well-developed social infrastructure, as per the official press release.

“We are pleased to announce our entry into Sonipat. The project fits well with our strategy of deepening our presence across the country’s leading real estate markets. Sonipat as a micro-market has seen a lot of infrastructure developments over the last couple of years and is going to play a vital role in the NCR growth story,” Godrej Properties MD and CEO Mohit Malhotra said.

Meanwhile, Godrej Properties has planned to invest approximately Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects.

Godrej Executive Chairman Pirojsha Godrej told news agency PTI, “We will invest $1 billion (around Rs 7,500 crore) over the next 12-18 months on development of new projects.” He added that these investments will be a mix of equity and debt.

Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved in FY21. It has a major presence in the Mumbai region, Pune, Delhi-NCR and Bengaluru.

Shares of Godrej Properties on Monday closed 0.50 per cent lower at Rs 1,485.90 apiece on BSE.

(With agency inputs)