In a major land deal, realty firm Godrej Properties on Monday said it has acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop luxury housing project.
The company said in a statement that it has added a new project in theresidential market of Ashok Vihar, Delhi.
"With the land acquisition value at Rs 1,359 crore, this is one of the largest land transactions in India in recent times," Godrej Properties said.
The payment for this land will be made in instalments over several years as stipulated in the tender documents.
The company will develop a luxury housing project on this 26.58 acre land parcel, with a built up area of 3.28 million sq ft.
This is Godrej Properties' second project in Delhi after the launch of Godrej South Estate in Okhla in 2019.
The company has developed many successful residential projects in other parts of NCR, including Gurgaon and Noida.
Pirojsha Godrej, Executive Chairman, Godrej Propertiessaid, "We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents".
Godrej Properties is a real estate arm of the Godrej group.