Godrej Properties Acquires 53-Acre Land in Joka, Kolkata for Residential Development

Godrej Properties Ltd announced the acquisition of a 53-acre land parcel in Joka, Kolkata. The company plans to develop this land into a residential plotted development, with a potential saleable area of approximately 1.3 million square feet. The project is expected to generate an estimated revenue of ₹500 crore.

The land is located in Joka, which has become a key developing area in Kolkata. Positioned close to the main city and near Diamond Harbour, a popular seaside weekend getaway, the site offers strategic advantages for future development. Over recent years, Joka has experienced significant growth due to its improving infrastructure, which has transformed the area into a residential hub. Notably, the presence of the Indian Institute of Management (IIM) Calcutta, healthcare facilities, and commercial establishments has added to its appeal. The area is also well-connected, with easy access to key parts of Kolkata through the metro and road networks.

Godrej Properties' decision to acquire land in Joka fits with its broader strategy to expand its footprint across India’s major cities. The company plans to focus on residential plotted development, which has seen increased demand. This land acquisition is a significant part of their growth strategy, especially in emerging locations that offer long-term potential for residential projects.

Gaurav Pandey, Managing Director & CEO of Godrej Properties, highlighted that this acquisition is part of the company’s ongoing efforts to strengthen its presence in leading Indian cities. He further emphasized that the development in Joka will focus on creating a high-quality residential project that provides long-term value to its residents.

The company’s decision to focus on Joka’s development aligns with its overall goal of contributing to the growing demand for residential properties in well-connected areas. Godrej Properties aims to build a modern community that will offer quality living spaces. In addition to residential development, the company plans to integrate necessary amenities that would enhance the living experience for future residents.

In addition to this acquisition, Godrej Properties has been actively pursuing land deals to expand its portfolio. In its latest quarterly report, the company revealed a 2% rise in net debt, which reached ₹7,572 crore in the September quarter. As part of its strategy, Godrej Properties is also planning to raise up to ₹6,000 crore by issuing securities, including equity shares, debentures, and preference shares. This move will provide the company with the capital needed to fund its future projects and acquisitions.

The Joka project is not the only major initiative the company is working on. Godrej Properties is also engaged in the development of other residential and commercial projects across India. With the planned development in Joka, the company continues to strengthen its position in the Indian real estate market, focusing on areas with strong growth potential.

The company is also aiming to address the growing demand for residential plotted developments. This type of housing, which offers residents more space and privacy, has become increasingly popular in recent years.

The land acquisition in Joka is part of Godrej Properties’ effort to create lasting value for its stakeholders, including investors, residents, and the wider community.