Mumbai-based real estate developer Godrej Properties said it has acquired 43.61 hectares of land in Faridabad from real estate major BPTP for development. Financial details of the transaction were not announced.
The plot will be home to Godrej Properties’ first development in Faridabad — a residential project with 95,000 square meters, or 1 million square feet, of developed area. At an average of 1,000 sq ft, that would be enough for almost 1,000 homes, though some of the area will be diverted for common facilities.
Godrej Properties said the ample proportions of the plot will offer “attractive plot sizes along with good lifestyle amenities.” The format of the planned development was not immediately clear.
Godrej Properties is a Mumbai-based firm, and most of its development has so far been in its home market, though it has taken initial steps in markets such as Bangalore and NCR.
“This is GPL’s first project in Faridabad market and is also its first plotted development project within the National Capital Region (NCR),” the company said.
Pirojsha Godrej, Executive Chairman of Godrej Properties, said Faridabad is a key market for the company in the broader NCR region.
“This fits well with our strategy of deepening our presence in key markets across India’s leading cities.”
The company claimed that it has established itself as “one of the market leaders in Gurgaon and Noida” and “hopes to replicate this success in other parts of NCR”.
“The site is strategically located and offers a well-developed social infrastructure with multiple schools, hospitals, and retail spaces in vicinity. This micro-market also has excellent road connectivity to both Delhi and Noida,” it said.
Godrej Properties is perhaps the only major real estate firm that has seen an acceleration in its roll-out during the last 3-4 years — a time of great stress for most of its peers due to a slowdown in the national economy.
Recent regulatory changes, such as GST and RERA, have helped companies like Godrej Properties — which deals in ‘white money’ — get a leg up over more shady competitors in a sector that is notorious for not complying fully with tax laws.
