The development will be a luxury housing project
In a regulatory filing , Godrej Properties informed that it has acquired around 4-acre land parcel near Korgaon Park in Pune.
The development on this land will primarily be a luxury housing project.
"The project will have a developable potential of approximately 7.5 lakh square feet with an estimated revenue potential of approximately Rs 1,000 crore," the company said.
The company, however, did not disclose the financial details of the transaction.
Gaurav Pandey, the MD and CEO of Godrej Properties, said the demand for luxury homes has remained strong over the past few years.
"This will be our first luxury development in the city...," he said.
Godrej Properties, the real estate arm of Godrej Group, is one of the leading real estate developers in the country.
It mainly focuses on development of housing projects in four key cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
The company has been acquiring land parcels through outright purchases and joint development agreements with landowners.
This is part of its strategy to expand business and tap rise in demand for residential properties especially after the second wave of the COVID pandemic that hit India during April-June 2021.