Godrej buys 53-acre land in Kolkata to develop Rs 500 crore residential project

"The proposed project is estimated to have a development potential of 1.3 million square feet of saleable area" Godrej Properties said.

New Delhi: Godrej Properties Ltd has acquired 53-acre land in Kolkata to build a residential plotted development project that will have revenue potential of around Rs 500 crore.

Godrej Properties is one of India's leading real estate firms.

In a regulatory filing on Wednesday, the company informed that it has acquired about 53-acre land parcel in Joka, Kolkata.

"The proposed project is estimated to have a development potential of 1.3 million square feet of saleable area comprising primarily residential plotted development with an estimated revenue potential of Rs 500 crore," Godrej Properties said.

The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "This land acquisition fits our strategy of deepening our presence across India's leading cities. We will aim to build an outstanding plotted development project in Joka that creates long-term value for its residents."