Godrej Properties Acquires Land In Gurgaon For Housing Project

New Delhi: Realty firm Godrej Properties has acquired land in Gurgaon for an undisclosed amount. Godrej Properties, the real estate arm of the Godrej group, announced that it has acquired a land parcel measuring about 14.8 acres in Sector 106, Gurgaon. The company plans to develop a high-end residential housing project comprising 1.5 million sq ft area. "This project will be developed in partnership with Godrej Residential Investment Program II. This is the fourth project under GRIP II, the $275 million fund which was announced in March 2016," the Mumbai-based developer said in a statement.

"This fits well with our strategy of building our presence in the country's leading real estate markets. We look forward to delivering an outstanding project," said Pirojsha Godrej, the company's executive chairman.

Earlier this week, Godrej Properties had announced expansion in Bengaluru and Gurgaon markets by adding two housing projects comprising 1.6 million square feet of saleable area.

The company is currently developing residential, commercial and township projects spread across approximately 13.46 million square meters (137.84 million square feet) in 12 cities.