Godrej Properties Limited (GPL) has acquired a 47-acre land parcel located off Old Mahabalipuram Road (OMR), one of South Chennai’s fastest growing micro markets. The company declined to disclose the identity of the seller or the value of the transaction but said that the land was acquired through an outright purchase. This land has a developable potential of 1.2 million square feet, with an estimated revenue potential of ₹500 crore (on the basis of current business assumptions).

Gaurav Pandey, MD & CEO, Godrej Properties, said, “South Chennai is seeing a clear evolution in residential demand, with homebuyers increasingly gravitating towards well planned, future-ready communities that offer quality of living and long-term value.”

“We are looking to develop a premium plotted development project. We will commence the design development process while simultaneously initiating submissions for all requisite approvals. Construction activities will begin upon receipt of all necessary approvals,” said Ashwini Kalapala, CEO, South Zone, Godrej Properties.

Godrej Properties already has four developments in Tamil Nadu, excluding the project it has currently signed. It has two housing projects – the first one is a completed project with a development size of approximately 0.7 million sq. ft. In the second project, two phases have already been constructed and handed over, totaling approximately 0.45 million sq. ft. A new phase of approximately 0.57 million sq. ft. is currently under construction.

Under the plotted development category, the company has two projects. A completed 60-acre plotted development with a saleable area of approximately 1.5 million sq. ft. and a recently signed 43.6-acre plotted development in Coimbatore with an estimated saleable area of approximately 1.1 million sq. ft., planned for launch in coming months.