The saleable area would primarily comprise of premium residential apartments of various configurations with an estimated booking value of approximately Rs 1,300 crore.

“This is the second land acquisition for GPL in Hyderabad and will take the overall booking value potential added in Hyderabad to Rs 4,800 crore,” the company said in a statement.

The newly acquired land is located in a strategic and high-potential area in Kokapet near the Outer Ring Road junction close to Golden Mile Road.

Kokapet is one of the largest commercial and residential real estate markets in Hyderabad and has a well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in proximity.

The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial areas in the city.

Gaurav Pandey, MD, and CEO, Godrej Properties, said: “We are pleased to add another project in Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country.

It aligns well with our expansion strategy and will further solidify our position as a leading national real estate developer. We will aim to build an outstanding residential community that creates long-term value for its residents.”

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The real estate developer’s consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.

The scrip fell 1.57% to currently trade at Rs 2170.95 on the BSE.