Godrej arm to buy land for luxe realty

Kolkata: Godrej Properties (GPL) will acquire land for a luxury residential project in Kolkata. The company has stated that the project will have a developable potential of approximately 9.8 lakh sq ft with an estimated revenue potential of Rs 1,200 crore.The company will acquire a 7.4acre land parcel at New Alipore from the Hidco, having been declared as the highest bidder in its e-auction. GPL will develop this land parcel as a luxury group housing project. Gaurav Pandey, MD & CEO, GPL, said, “We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years.” tnn