Godrej Properties will acquire a 7.44-acre land parcel at New Alipore in Kolkata from the West Bengal Housing Infrastructure Development Corporation, the real estate developer said in an exchange filing.

The company was declared the highest bidder in an e-auction and it intends to develop this land parcel as a luxury group housing project.

New Alipore has an established physical and social infrastructure, the company said, adding that the location offers good connectivity to all the major social and commercial hubs in the city.

Also read: Godrej Properties Q4 profit up 58 per cent to ₹412 cr

Gaurav Pandey, MD & CEO, Godrej Properties, said, “The demand for luxury realty has been strong over the past few years. This will be our second luxury development in the city.”

The value of the deal was not disclosed.