Godrej Properties Ltd on November 20 announced that it has acquired around a 53-acre land parcel in Joka, Kolkata. The proposed project is estimated to have a development potential of around 1.3 million square feet of saleable area comprising primarily residential plotted development with an estimated revenue potential of around ₹500 crore, the company said.
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, the company said.
Joka has transformed into a promising residential hub in Kolkata, fuelled by infrastructure growth. With IIM-Calcutta as an educational landmark, 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, it 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,” said Gaurav Pandey, MD & CEO, Godrej Properties.
Last week, Godrej Properties reported that its net debt rose 2 per cent during the September quarter to ₹7,572 crore with the company focusing on land acquisition for future growth.
Its net debt stood at ₹7,432 crore at the end of the June quarter, according to an investors' presentation.
Godrej Properties plans to raise up to ₹6,000 crore through the issue of securities. The board had last month approved the proposal. The funds would be raised through the issuance of securities, including equity shares, debentures, preference shares, and/or any other eligible securities.