Godrej Properties to purchase 26 acres in central Delhi in 2020's largest land transaction
The Mumbai-based real estate developer will acquire this property in Ashok Vihar from the Railway Land Development Authority for 1,359 crore
Godrej Properties has added a new project in the residential market of Ashok Vihar, Delhi. With the land acquisition value at Rs 1,359 crores, this is one of the largest land transactions in India in recent times. The payment for this land will be made in instalments over several years as stipulated in the tender documents.
Situated 11 kms from Connaught Place, Ashok Vihar is in the heart of Delhi and offers a rare opportunity to create a large and well planned modern development in such a desirable location. Spread over 26.58 acres, this development will offer approximately 3 lakh square meters (3.28 million sq-ft) of development potential and will be developed as a luxury group housing project offering world class lifestyle amenities. The site is surrounded by parks on three sides offering stunning park and city views. This is GPL’s second project in Delhi after the successful launch of Godrej South Estate in Okhla in 2019. GPL has developed many successful residential projects in other parts of NCR including Gurgaon and Noida.
Pirojsha Godrej, executive chairman, Godrej Properties, said, “We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents."