Godrej Properties acquires 43 acre land in Panipat with ₹1,250 crore revenue potential

Shares of Godrej Properties Ltd. are in focus on Monday, June 30, after the Mumbai-based developer said it has acquired 43 acre land in Sector 40, Panipat.

The land acquisition is for a plotted development with a revenue potential of over ₹1,250 crore, the company said.

With its entry in Panipat, Haryana, the Mumbai-based developer said this will be its fourth residential plotted township in North India.

The project will contain around 1.02 million square feet of plotted residential development, with attractive plot sizes and lifestyle amenities, it said. The site is strategically located and is accessible from the Highway. It is also close to a host of social infrastructure, the company said.

"The project fits well with our strategy of expanding into new markets for plotted development. Haryana has been a key market for us, and we look forward to develop a quality plotted township in Panipat, that creates long-term value for its residents," Gaurav Pandey, MD and CEO of Godrej Properties, said.

In May, Pandey told CNBC-TV18 that the company is targeting a 20% growth in bookings for the current fiscal, supported by a strong collection outlook and steady execution momentum.

"We would like to guide the market at ₹32,500 crore of sales...despite a high base, we are looking forward to delivering ₹21,000 crore of collections over an actual ₹17,000 crore of last year. The idea is to be very aggressive on our growth.," Pandey said in a post-earnings interaction with CNBC-TV18.

Shares of Godrej Properties Ltd. ended the previous session 1.15% lower at ₹2,364 apiece. The stock has declined 14.9% this year, so far.

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