Godrej Properties has acquired a 4-acre land parcel near Koregaon Park, Pune, where it plans to build a luxury group housing project with a revenue potential of ₹1,000 crore.

Koregaon Park has an established physical and social infrastructure and offers good connectivity to all major social and commercial hubs of Pune city.

"The project will have a developable potential of approximately 7.5 lakh square feet with an estimated revenue potential of approximately ₹1,000 crore," the company said.

Also read: Godrej Properties confident of exceeding ₹10,000-cr sales in FY23

The company, however, did not disclose the financial details of the transaction.

Gaurav Pandey, MD and CEO, Godrej Properties, said the demand for luxury homes has remained strong over the past few years.

"This will be our first luxury development in the city.," he said.

Godrej Properties, the real estate arm of Godrej Group, is one of the leading real estate developers in the country.

Also read: Urbanrise to develop ₹700 crore luxury apartment community at Mahindra World City

It mainly focuses on development of housing projects in four key cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.

he company has been acquiring land parcels through outright purchases and joint development agreements with landowners.

This is part of its strategy to expand the business and tap the rise in demand for residential properties, especially after the second wave of Covid-19 that hit India during April-June 2021.

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