The Mumbai-based real estate developer Godrej Properties Ltd has announced that they have purchased a 53-acre plot of land in Joka, Kolkata. The projected potential revenue for the planned project is Rs 500 crore.

The business stated in an exchange filing that this project is expected to have a development potential of 1.3 million square feet of saleable space, the majority of which will be residential plotted development.

According to the corporation, the site is ideally situated in the rapidly growing Joka micro-market, which is near the main city and Diamond Harbour, a popular seaside weekend destination.

Gaurav Pandey, MD and CEO of Godrej Properties said, “This land acquisition fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents.”

According to Godrej Properties, it exceeded its Rs 20,000 crore full-year business development target last month.

In a recent interview, Godrej Properties’ MD and CEO stated that the business has already received almost Rs 13,835 crore in bookings, or 51% of their yearly estimate, which is far better than their performance just two years ago.

According to Pandey, the company has already surpassed half of its yearly guidance and is going through a “dream run” with great outcomes every quarter.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!