Godrej Properties Ltd. (GPL) has announced acquisition of a 12-acre land parcel in Mundhwa -East, Pune. The development on this land will primarily be for a premium group housing project, the company said in a press release.
The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately INR 2,000 crore, the company said.
Among the most centrally-located residential areas in Pune, the location has established physical and social infrastructure and offers excellent connectivity to all major social and commercial hubs of Pune city. It is also in close proximity to upmarket Koregaon Park.
Mohit Malhotra, MD & CEO, Godrej Properties, said, “Mundhwa is an important micro-market in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India’s leading cities.”
