Godrej Properties to Acquire 7.4 Acres in New Alipore For Developing Luxury Project in Kolkata

Godrej Properties in New Alipore

Godrej Properties, the real estate development arm of Godrej Group, has reached an agreement with West Bengal Housing 'Infrastructure Development Corporation to acquire a 7.44-acre land parcel in Kolkata's New Alipore.

The developer has emerged as the highest bidder in the authority's online auction.

Godrej Properties intends to construct luxury group accommodation on this parcel of property. Based on the present business assumption, the project will have a developable potential of approximately 1,980,00 square feet and an estimated revenue potential of approximately Rs 1,200 crore.

New Alipore is one of Kolkata's most prestigious neighbourhoods with well-established physical and social infrastructure. The location provides superb access to all of Kolkata's main social and commercial centres.

The sustained recovery of the residential real estate market and the increased demand for warehousing and data centre space have prompted a stampede among property developers to locate and acquire land parcels nationwide.

Numerous agreements, including outright acquisitions and joint-ventures in the main property markets of Mumbai, Bengaluru, Delhi-NCR, Pune, Chennai, and Hyderabad, have either been completed or are expected to be shortly.