Godrej Properties Acquired a Parcel of 20 acres at Kalyan near Mumbai.

  • Godrej Properties Acquired a Parcel of 20 Acres at Kalyan Near Mumbai.

In Kalyan near Mumbai, Godrej Group has entered into an agreement to acquire a 20-acre land parcel with its arm of the Real Estate Industry Godrej Properties. The Godrej company is planning residential development expecting around 1.5million sqft saleable area. The project will primarily consist of residential apartments of various configurations with a small amount of retail and commercial space.“We are happy to add this new project in Kalyan to our portfolio. This fits well with our strategy of deepening our presence in key markets across India’s leading cities,” said Pirojsha Godrej, Executive Chairman, Godrej properties in an exclusive chat with ET in August, Godrej had said that the company is leveraging its strong brand and financial position to make the most of consolidation opportunities through crises arising in the real estate sector due to the ongoing epidemic. According to him, Godrej Properties is well placed to grab the opportunities, while there is some distress in the sector with a lot of developers struggling. Industry experts believe that ongoing market consolidation in favour of large and established developers to gain momentum hereon, owing to a better brand, execution ability, and access to liquidity in the current market environment than that for smaller developers. In July, Godrej Properties had raised Rs 1,000 crore through non-convertible debentures on a private placement basis for a term of 3 years at 7.5%. It had also raised Rs 2,100 crore last year through a qualified institutional placement (QIP). Apart from its independent developments, Godrej Properties has been using asset-light and capital-efficient joint developments and alliances to support its growth and market share. The company has reported a consolidated net loss of Rs 20 crore in the June quarter that was marked by the Covid19 outbreak’s impact on the economy. Total income for the quarter had declined 76.7% from a year ago to Rs 165 crore.

Source: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/godrej-properties-inks-pact-to-acquire-20-acre-land-parcel-in-kalyan-near-mumbai/articleshow/78398640.cms

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