New Delhi. Real estate giant Godrej Properties has started preparations for a new premium residential project by purchasing 44 acres of land in Coimbatore, Tamil Nadu. According to the company, this project can generate income of up to Rs 450 crore. The project will be developed as a planned development, creating a planned residential community with modern amenities. With this project the company is entering the Coimbatore market for the first time.
The company has purchased this land directly. This project, to be built in an area of about 44 acres, is to have development of about 1.1 million square feet. The company says that this project will be developed as a premium plotted residential community. Although the company has not disclosed the price of land purchase, revenue of around Rs 450 crore is expected from the project. Through this project the company wants to further strengthen its expansion in South India.
The project will be developed in the South Coimbatore area which is located near Coimbatore Golf Club. This area is rapidly developing and offers a peaceful and green environment with good connectivity. According to the company, the project will develop good road layout, landscaped open spaces, and community facilities. With this, this project can emerge as a premium residential option.
Top officials of the company say that the entry in Coimbatore is part of the company’s strategy under which it is starting its projects in fast-growing and promising cities. Coimbatore’s strong economic position, growing population and stable residential demand make it an attractive market. The company plans to develop a high-quality plotted community here, which will further strengthen its presence in South India.
Coimbatore is fast emerging as a diversified economic hub. There is a strong base of manufacturing, IT-ITES, education, health services and small-medium industries here. The demand for housing is continuously increasing due to new infrastructure projects, rising incomes and economic activities in the city. Godrej Properties is one of the leading real estate companies in the country and is developing several housing projects in major cities like Mumbai, Delhi-NCR, Pune, Bengaluru and Hyderabad. Recently the company also won the e-auction of 5 acres of land in Kolkata, from which the potential income is estimated to be around Rs 1,650 crore. Apart from this, 11.36 acres of land has also been purchased in Gurugram, Haryana. Combined, the company is expected to earn a potential income of around Rs 6,150 crore from these two projects. Thus, by starting a new project in Coimbatore, Godrej Properties is taking another big step towards strengthening its presence in the rapidly developing cities of the country.