Godrej to purchase 26 acres land in Delhi from Railway Land Development Authority

In a bid to expand its presence in Delhi-NCR, Godrej Properties Ltd (GPL) today announced that it will acquire 26 acres land in Ashok Vihar, Delhi. The Mumbai-based real estate developer Godrej Properties, which is a subsidiary of Godrej Group, will acquire this property from Railway Land Development Authority at a transaction of Rs 1,359 crores.

This is the largest land transactions in India in recent times. The payment for this land will be made in instalments over several years as stipulated in the tender documents.

The property that spreads over 26.58 acres will provide an opportunity to Godrej Properties to create a large and well planned modern development in such a location that is situated 11 kilometres from Connaught Place. It will offer approximately 3 lakh square metres (3.28 million sq. ft.) of developmental potential. It will be used to develop a luxury group housing project that would offer world-class lifestyle amenities.

This is GPL's second project in Delhi after the successful launch of Godrej South Estate in Okhla in 2019. GPL has developed many successful residential projects in other parts of NCR including Gurgaon and Naida.

Reacting to the deal Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents."

On the other hand, the Indian Railways expects to earn Rs 7,500 crore from three more land parcels near metro stations in Delhi by monetizing them under the Transit-Oriented Development (TOD) scheme.