Godrej Properties buys 27-acre land in Delhi for Rs 1,359 cr from Railways

 In a big-ticket actual property deal, Godrej Properties on Monday stated it has acquired almost 27-acre land parcel within the nationwide capital for Rs 1,359 crore to develop a luxurious housing challenge.

The land parcel belonged to Rail Land Growth Authority (RLDA).

Godrej Properties stated in an announcement that it has added a brand new challenge within the residential market of Ashok Vihar, Delhi.

“With the land acquisition worth at Rs 1,359 crore, this is among the largest land transactions in India in current instances,” Godrej Properties stated.

The cost for this land will probably be made in instalments over a number of years as stipulated within the tender paperwork.

The corporate will develop a luxurious housing challenge on this 26.58-acre land parcel, with a built-up space of three.28 million sq ft.

That is Godrej Properties’ second challenge in Delhi after the launch of Godrej South Property in Okhla in 2019. There are only a few residential tasks within the nationwide capital by personal builders. Realty main DLF is growing a big housing challenge at Moti Nagar right here.

Pirojsha Godrej, Govt Chairman, Godrej Properties stated, “We consider this challenge in central Delhi is among the most enjoyable tasks in our improvement portfolio and can contribute considerably to the expansion of our enterprise in NCR. We’ll search to make sure a landmark challenge that delivers an excellent way of life for its residents”.

Godrej Properties is an actual property arm of the Godrej group.

 In a separate assertion, RLDA stated it has awarded 10.76-hectare land parcel to Godrej Properties on a 99-year lease, by way of an open bidding course of.

The letter of demand was handed over by Ved Parkash Dudeja, Vice Chairman, RLDA to Gaurav Pandey, North India head of Godrej Properties on February 14.

“Within the coming days we will probably be developing with extra land parcels throughout mega cities of the nation and it will present a chance for the builders to associate with RLDA,” Dudeja stated.

Godrej Properties will give upfront lease premium of Rs 1,359 crore to RLDA in 8 interest-bearing installments and likewise assemble 135 employees quarters for Railways.

RLDA, the nodal authority underneath the aegis of Ministry of Railway, is entrusted with the constitution of monetisation of surplus land parcels that are of the tune of 43,000 hectare at all-India stage, the assertion stated. 

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