Godrej Properties acquires 46-acre land parcel in Indore for residential project; stock rise 3%

In a filing to the stock exchanges, the company said that it has acquired a 46-acre land parcel in Indore. The development on this land will primarily comprise plotted residential units.

The company informed the bourses that the total saleable area of the upcoming residential project is estimated to be 1.16 million square feet.

By focusing on plotted residential projects, Godrej Properties aims to cater to the growing demand for high-quality residential spaces in Indore.

The newly acquired 46-acre land is situated just off the Indore-Ujjain Road, a major upcoming corridor that will be expanded into a 6-lane highway.

The company said this location is poised to become a significant residential and commercial hub in Indore. Its prime position offers excellent connectivity to key landmarks, including the Indore International Airport and Indore Junction railway station, as well as educational institutions and medical facilities.

According to the company, the enhanced infrastructure and accessibility of the area are expected to make this development highly attractive to potential residents and investors.

The proposed expansion of Metro lines, coupled with the growth of the corporate and IT sectors and ongoing infrastructure development, has significantly boosted the residential real estate market in Indore. The company informed the bourses that the expansion of Metro lines will provide efficient and convenient transportation options, while the corporate and IT sectors attract professionals and create demand for quality residential spaces.

Gaurav Pandey, MD and CEO of Godrej Properties, comments on this acquisition: “We are happy to announce our entry in Indore, Madhya Pradesh. Residential plotted development has gained significant traction in recent years, and the Indore-Ujjain Road is a promising micro-market to expand our presence in this space. We will aim to build an outstanding sustainable community that delivers long-term value to its residents and taps into Indore's growth potential”.

Godrej Properties Limited recently raised ₹1,275.40 crore through the issuance of non-convertible debentures (NCDs), comprising two series. The first series includes unsecured redeemable non-convertible debentures with a face value of ₹1,00,000 each, totalling ₹935.40 crore. The second series consisted of 34,000 rated, listed unsecured redeemable non-convertible debentures, with a face value of ₹1 lakh each, aggregating to ₹340 crore.

Godrej Properties shares rallied more than 3% to hit an intraday high of ₹3,298.5 apiece on the NSE. However, the stock pared some gains to trade marginally lower at ₹3,272 apiece, up 2.89%, on the NSE at 1:00 pm.