Godrej Properties, the real estate development arm of the Godrej Group, has acquired a 60-acre land parcel on an outright basis in Chennai’s micro market of Oragadam Junction.
The company is planning to undertake a residential plotted development project on the said land parcel and is estimated to have a development potential of 1.6 million sq ft of saleable area.
“We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Chennai that creates long term value for its residents,” said Gaurav Pandey, MD & CEO, Godrej Properties.
The plot is strategically located in between Grand South Trunk road (GST road) and NH-4, just off Oragadam Junction (on the 6-lane SH-48) with access to other parts of the city via Chennai Bypass Road, Chennai Tiruvallur High Road and Red Hills Road.
Oragadam Junction is known as one of the fastest-growing business and largest industrial corridors of Chennai, with manufacturing facilities of 22 established companies spread across the industrial belt stretching from Sriperumbudur to Oragadam.
Industry experts believe the ongoing market consolidation in favour of large and established developers will gain momentum owing to their better execution ability and access to liquidity in the current market environment than that for smaller developers.
The Godrej Group company is looking to leverage its brand and financial position to tap consolidation opportunities through distress situations arising in the real estate sector. The company has also been raising funds to drive consolidation with the use of additional capital and to significantly strengthen its development portfolio.