Shares of Godrej Properties Ltd, a real estate developer, surged 2% on 17 June after the company announced that it had bought around 16 acres of land in Pune’s Upper Kharadi neighbourhood.

According to the regulatory filing, the project has a potential development area of 2.5 million square feet and a revenue potential of Rs 3,100 crore.

Godrej Properties stated that the development on this land will largely include premium group housing and high-street retail.

The land parcel is located in the Kharadi-Wagholi micro-market, which provides access to major commercial areas, as well as close proximity to IT hubs in Viman Nagar, Magarpatta, and Hadapsar, according to the business.

Gaurav Pandey, MD and CEO at Godrej Properties, said, “Upper Kharadi has rapidly emerged as one of Pune’s most promising real estate corridors, driven by its evolving infrastructure and strong connectivity. This marks our second land acquisition in the micro-market, reflecting both the area’s growing demand and our commitment to expanding in high-potential urban clusters across India.”

This is the company’s second land acquisition this month in the Kharadi-Wagholi belt, bringing the estimated cumulative income potential from the two developments to around Rs 7,300 crore on current business assumptions.

Earlier on Monday, Godrej Properties announced plans to build a premium residential building on a strategically placed 14-acre property tract in Bengaluru. The project has the potential to build 1.5 million square feet and generate Rs 1,500 crore in revenue.

At 1:38 pm, the shares of Godrej Properties were trading 0.53% higher at Rs 2,447.70 on NSE.

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