Source: The Economic Times
Panipat, June 28 – Godrej Properties, a real estate developer, has bought a 40-acre plot situated in Panipat, Haryana for around ₹600 crore. The company is planning to use the plot for a plotted housing development, which has an expected developable area of 3 million sq ft as per sources with knowledge of the transaction.
This is Godrej Properties’ 11th acquisition of land within the financial year 2024-25 (FY25). Notably, the company is interested in expanding in Tier II cities. CBRE was engaged in the transaction as a property consultant, but the firm did not offer a comment. Godrej Properties did not respond to emails requesting comment on further details regarding the project.
Increased Interest in Smaller Cities
Real estate developers across India are migrating to Tier II cities like Panipat. Tier II cities have cheaper land and much improved infrastructure, especially with better roads, highways, and public transport systems. With more and more people willing to move out to these cities, developers see a demand for premium and luxury housing.
Experts mentioned that cities like Panipat are emerging as new growth centres, attracting not just developers, but also corporates, financial institutions, and investors. With land becoming increasingly expensive in the major metros, smaller cities are emerging as more affordable alternatives with good long-term possibilities.
Other Significant Projects
Godrej Properties has been busy in its effort to grow its land bank. In October 2024, the company won a successful bid for a luxury group housing project in Gurugram, on Golf Course Road, with a potential revenue of approximately ₹5,500 crore. The land was acquired by means of an e-auction from Haryana Shehri Vikas Pradhikaran (HSVP).
In the past financial year, FY24, the company purchased two additional parcels of land in the Gurugram area, both measuring 5.15 acres and 2.76 acres, again through HSVP auctions.
These acquisitions underscore Godrej Properties’ focus on investing in high-quality urban locations and growing Tier II cities. The Panipat project is very much a play on this strategy, allowing the company to participate in a burgeoning market with high demand.
Looking Forward.
With the new land in Panipat, Godrej Properties will soon announce a plotted development project that aligns with the demand for quality housing in that area. As more people search for brand new apartments and houses outside of crowded metros, developers like Godrej can satisfy this need.
We can expect to hear more about the project in the next few months.
