Godrej Properties acquires 18 land parcels in FY23

Enthused by Strong housing demand, realty firm Godrej Properties Ltd acquired 18 land parcels last fiscal for the development of new projects with an estimated sales potential of around Rs 32,000 crore.

Mumbai-based Godrej Properties, which is part of business conglomerate Godrej Group, had given guidance that for future development it would add land parcels that have a sales revenue potential of Rs 15,000 crore.

However, the company's new business development, which means the addition of new land parcels, jumped more than two-fold of annual guidance.

Godrej Properties acquires land outright and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business.