Godrej Properties buys 40-acre land in Panipat for around Rs 600 crore

Godrej Properties has acquired a licensed land in Panipat for Rs 600 crore, two people aware of the development said.

Spread over 40-acre , the land has a potential developable area of 3 million sq ft.

People aware of the development said the company is expected to do plotted development.

CBRE was the transaction advisor but couldn’t be reached for comment.

Godrej Properties did not respond to email query.

Tier II cities have seen renewed interest from developers, corporates, financial institutions and investor community. The cheap availability of land in these cities followed by massive development of connectivity infrastructure and strong demand have led to increased supply of premium and luxury housing from not just incumbent developers but new entrants cashing in on the potential of these cities as growth centres and employment hubs driving the next phase of India growth story.

In October 2024, Godrej Properties had emerged as the highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential of Rs 5,500 crore.

The acquisition was through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

This is the 11th new project the company has acquiredin FY25.

In FY24, GPL acquired two prime parcels measuring 5.15 acres and 2.76 acres in the Golf Course Road micro-market from HSVP through auction.