Godrej Properties Ltd, one of the few Indian real sector majors to come out unscathed from the recent economic volatility, has announced its entry into the Hyderabad market.
The Mumbai-based developer has entered Hyderabad with the purchase of a 12.5 acre land parcel in the Rajendra Nagar area. The plan, it said, is to develop a premium housing project with expected sales revenue of Rs 3,500 crore.
Before this, the company has had projects in its core market of Mumbai, besides branching out to Delhi-NCR, Pune, Bangalore, Chennai and Kolkata over the last few years.
GPL’s core market footprint is in Mumbai where it has delivered over 18 million square feet of real estate, followed by National Capital Region, incuding Delhi, Noida, Greater Noida and Gurgaon.
Besides these two regions, Godrej Properties has a growing presence in other top cities like Bangalore, Chennai, Pune and Kolkata through joint developments and new acquisitions.
The company is expected to enter other markets such as Kochi, Chandigarh and Nagpur also with land acquisitions and partnerships.
Hyderabad Project
As per the company, the acquired land has the development potential of around 4 million square feet of saleable area which would consist mainly of high-end residential apartments. The company aims to cater to homebuyers looking for a luxury living experience equipped with modern amenities.
Rajendra Nagar is an established location with good social infrastructure comprising schools, hospitals, retail outlets and connectivity to key areas of Hyderabad.
The company said the move to enter Hyderabad is in keeping with its strategy to expand across Indias leading cities.
Hyderabad has been a well performing real estate market, and has given tough competition to bigger cities like Chennai in recent years. The presence of IT/ITeS, infrastructure and medical industries has been a key differentiator for the city.