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Godrej Properties acquires 16-acre parcel in Pune, eyes Rs 3,100 cr revenue
The land will be used to build premium group housing and high-street retail. The project has a developable potential of 2.5 million square feet, said Godrej Properties in a statement.
It's the company's second land acquisition in June in Pune's Kharadi-Wagholi belt, taking the estimated cumulative revenue potential from the two developments to approximately Rs 7,300 crore based on current business assumptions.
Earlier this month, the company acquired a 14-acre land parcel in Kharadi that has a revenue potential of Rs 4,200 crore.
Additionally, the land parcel in Upper Kharadi is situated within the micro-market of Kharadi–Wagholi and is near the IT hubs of Viman Nagar, Magarpatta and Hadapsar.
'Upper Kharadi has rapidly emerged as one of Pune's most promising real estate corridors, driven by its evolving infrastructure and strong connectivity,' said Gaurav Pandey, managing director and chief executive officer, Godrej Properties.
'This marks our second land acquisition in the micro-market, reflecting both the area's growing demand and our commitment to expanding in high-potential urban clusters across India. We will aim to create a thoughtfully designed, future-ready development that delivers long-term value and enhances the quality of life for residents,' he said.
According to Square Yards Data Intelligence, a real estate data analytics platform, average property prices in Kharadi as of the first quarter of the calendar year 2025 (Q1 CY25) stood at Rs 13,319 per square foot, down from Rs 13,510 per square foot in Q1 CY24.
On Monday, the company announced that it will develop a premium residential project on a 14-acre land parcel in Hoskote, East Bengaluru, with an estimated revenue potential of Rs 1,500 crore.
Earlier, the company recorded its highest-ever quarterly bookings of Rs 10,163 crore in the fourth quarter of FY25, up 7 per cent from the year before. The company's quarterly bookings crossed Rs 10,000 crore for the first time.
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