Godrej Properties has acquired leasehold rights for about 11 acre land parcel in Hinjewadi, Pune. It plans to develop group housing and high street retail on the said land parcel.
The project has a developable potential of approximately 2.2 million sq ft with an estimated revenue potential of about Rs 1,800 crore.
The company recently sold five per cent stake held by it in equity share capital of Godrej Green Homes (GGHPL) to Godrej Fund Management and Investment Advisors (GFMIAPL) at a consideration of Rs 46.70 crore.
Apart from Godrej Properties, Birla Estates has also acquired land parcel spread across 16.5 acres in Manjri, Pune. The land parcel has a development potential of approximately 32 lakh sq ft and an estimated revenue potential of Rs 2,500 crore.