Godrej Properties Ltd (GPL), a leading Indian real estate developer, has issued a correction to their press release regarding a significant land acquisition in Vadodara, Gujarat. The company has clarified that the estimated saleable area for the project is approximately 9 lakh square feet, not 0.9 lakh square feet as previously stated due to a typographical error.

Land Acquisition Details

Godrej Properties has acquired approximately 34 acres of land on Ajwa Road, Vadodara, for a plotted development project. This acquisition marks the company's entry into the Vadodara real estate market and represents their second land acquisition in Gujarat within the last year. In October, GPL had acquired a 3-acre parcel in Vastrapur, Ahmedabad.

Project Highlights

Strategic Importance

The development is situated in a rapidly growing real estate corridor known for its multiple villas and plotted developments. The location offers excellent connectivity to key city landmarks, commercial hubs, and educational institutions. Its proximity to Vadodara Airport further enhances its appeal as a residential destination.

Management Commentary

Gaurav Pandey, MD & CEO of Godrej Properties, commented on the acquisition: "We are happy to announce our entry into the vibrant city of Vadodara. Reinforcing our commitment to the state and confidence in the market potential, this acquisition aligns strategically with our focus on entering high-growth cities through plotted developments. With residential plotted developments gaining significant traction, Ajwa Road offers an excellent opportunity for expansion. Our goal is to create a sustainable and thriving community that delivers long-term value to residents while leveraging Vadodara's immense growth potential."

Company Performance and Recognition

Godrej Properties has maintained its position as India's largest developer by the value of residential sales achieved in the previous fiscal year, repeating its performance from the year before. The company is known for its commitment to sustainability, with all its developments being third-party certified green buildings since 2010. GPL has been ranked #1 globally amongst listed residential developers for its sustainability and governance practices by the Global Real Estate Sustainability Benchmark in 2020, 2021, and 2022.

The company has received numerous accolades, including Developer of the Year at the GRI India Awards and The Most Trusted Real Estate Brand in the 2019 Brand Trust Report.

This latest land acquisition in Vadodara underscores Godrej Properties' expansion strategy and its focus on entering high-growth markets through premium residential developments.

Godrej Properties Ltd (GPL), a leading Indian real estate developer, has issued a correction to its recent press release regarding a significant land acquisition in Vadodara, Gujarat. The company has clarified that the estimated saleable area for the project is approximately 9 lakh square feet, not 0.9 lakh square feet as initially reported due to a typographical error.

Vadodara Expansion

The Mumbai-based developer has acquired approximately 34 acres of land on Ajwa Road, Vadodara, marking its entry into the city's real estate market. This strategic move represents Godrej Properties' second land acquisition in Gujarat within the past year, following a 3-acre acquisition in Vastrapur, Ahmedabad.

Project Details

The development on this newly acquired land will primarily comprise premium plotted residential units. Located in a rapidly growing real estate corridor, the project is set to benefit from:

• Excellent connectivity to key city landmarks
• Proximity to major commercial hubs
• Easy access to renowned educational institutions and leisure attractions
• Close proximity to Vadodara Airport and the city center

Strategic Expansion

Gaurav Pandey, MD & CEO of Godrej Properties, commented on the acquisition: "We are happy to announce our entry into the vibrant city of Vadodara. Reinforcing our commitment to the state and confidence in the market potential, this acquisition aligns strategically with our focus on entering high-growth cities through plotted developments."

Company Performance

The LODR data reveals that Godrej Properties has maintained its position as India's largest developer by the value of residential sales achieved, repeating its performance from the previous fiscal year.

Recognition and Sustainability

Godrej Properties has received numerous accolades in recent years, including:

• Developer of the Year at the GRI India Awards
• The Porter Prize
• The Most Trusted Real Estate Brand in the Brand Trust Report
• Builder of the Year at the CNBC-Awaaz Real Estate Awards

Additionally, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices for three consecutive years.

This latest land acquisition in Vadodara underscores Godrej Properties' commitment to expanding its presence in high-growth markets and its focus on sustainable, premium residential developments.