Godrej strikes another land deal, buys 109 acres near Samruddhi

  • | Sunday | 1st October, 2023

Nagpur: Godrej Properties has struck yet another land deal. On Thursday, an over ₹350 crore deal was finalized between the company and Rohit Agrawal, a businessman from Nagpur, for a 109-acre land parcel. The pocket is located between the Mihan-SEZ and the Samruddhi Expressway.This is second big ticket purchase by the company in Nagpur. In April last year, Godrej had bought 58 acres for ₹227 crore near Besa.The current deal is divided into two components. One is cash and the rest is developed land pegged at over ₹100 crore to be handed over by Godrej to the seller, said sources.A press release issued by Godrej Properties said the development will primarily comprise individual residential units and will offer an estimated saleable area of 2.2 million square feet. The land parcel is located near Samruddhi Expressway and offers good connectivity to the Mumbai-Kolkata highway.Responding to TOIs call, Agrawal said that they hold 300 acres of land in the area, which was recently purchased, a part of which has been sold to Godrej.We entered the deal considering the stature of Godrej. It is expected that development of the area would be the beginning of the development of new Nagpur which is emerging towards Mihan. With prices in the main city going up, these areas are emerging as options that are within the middle-class buyers reach, he said.Agrawal said that there are plans to develop the remaining part of the land for which corporate developers are being scouted. The deal is expected to give traction to the area in terms of real estate development. A couple of groups are also looking for land here for construction of five-star hotels, Agrawal said. It has also been learnt that Godrej is also in talks for a tie-up in developing the land parcel with Taj. Around 70% of the land would be developed as an area with plots while the rest may be marked for multi-storied structures, said sources.Real estate broker Pankaj Roshan said that Godrej buying a large land parcel within a year shows that Nagpur is being noticed across India, Roshan said.Gaurav Pandey, the MD and CEO of Godrej Properties, said, This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence in key micro-markets across the country.We also published the following articles recentlyDeveloper buys three-acre plot for Rs 104 croreArkade Developers Ltd has acquired a three-acre industrial plot in Bhandup West from Copper Rollers Pvt Ltd for a total deal value of Rs 103.88 crore. The possession has been handed over to Arkade and they have also received letters of intent for redevelopment projects. In other news, the Odisha government has reintroduced a bill that will make land acquisition easier for affordable housing and infrastructure projects. Reliance Retail Ventures has received a subscription amount of Rs 2,069.50 crore from KKR, increasing KKRs shareholding in the company. The Visakhapatnam Metropolitan Region Development Authority plans to auction 87 acres of bulk land in Madhurawada.Delay in getting land parcels for CM solar feeder schemeThe Maharashtra State Electricity Distribution Company Limited (MSEDCL) is facing delays in acquiring land parcels for the Chief Minister Solar Agriculture Feeder scheme. The scheme aims to install solar power plants within a 5-km radius of 188 sub-stations in Nashik district. Currently, land has only been acquired for 20 of these centers, but MSEDCL hopes to increase this number to 50 by mid-October. The scheme will provide farmers with daytime electricity and reduce power production costs.New land parcel identified in Sanguem for IIT: Phal DessaiThe Goa government has identified a new parcel of land in Sanguem for the permanent campus of IIT Goa. The chief minister will announce the finalised land within a month. The earlier selected land was rejected by the Union ministry and faced protests from farmers. The new land is 10 lakh sqm and has been finalized by the government. IIT Goa has been functioning from a temporary campus since 2016. Several land parcels for the permanent campus have been rejected or faced protests in the past.

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