Kolkata : Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, announced that it has acquired a ~ 53 acre land parcel in Joka, Kolkata.
The proposed project is estimated to have a development potential of ~ 1.3 million square feet of saleable area comprising primarily residential plotted development with an estimated revenue potential of ~ INR 500 crore*.
The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway.
Joka has rapidly transformed into a promising residential hub in Kolkata, fuelled by infrastructure growth. With IIM-Calcutta as an educational landmark, enhanced healthcare facilities, and commercial centers, Joka offers residents convenience and quality of life. On the back of strategic connectivity through Kolkata Metro’s Line 3 and extensive road networks, Joka is well-connected to key areas across the city.
Gaurav Pandey, MD & CEO, Godrej Properties, said, ‘This land acquisition fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents.’
* On the basis of the current business assumptions.
