Godrej Properties Ltd. has added a 31-acre site for its third plotted housing project in Indore, where it says its two existing projects have strong customer demand.
In a Nov. 13 exchange filing, the company placed the site on Indore-Ujjain Road and estimated the development would have about 700,000 square feet of saleable area. Plans call for plots in varying sizes, infrastructure, recreational spaces and amenities. The filing did not give a launch date or completion timetable.
Godrej Properties described Indore-Ujjain Road as a growing residential corridor, citing access to Indore International Airport, Ujjain, commercial centers, schools and hospitals. The company also pointed to planned metro expansion, corporate and information technology sector growth, and wider infrastructure development as factors supporting the area's prospects.
Managing Director and CEO Gaurav Pandey called Indore “one of India’s most promising real estate markets.” The company said the new site would build on its presence in the city. Its existing plotted developments, Godrej Greenview Estate and Verdania Estate, are at an advanced stage of completion, according to the filing. Godrej Properties also said buyers have shown greater interest in plotted homes as they seek more space and flexibility to design their own homes.
The Economic Times reported a price of about 130 crore rupees for the site, citing unnamed sources. Godrej Properties' filing does not disclose a price or specify the transaction structure, so it does not confirm the outlet's reported figure or whether the arrangement was an outright land purchase or a joint development agreement.
