Godrej Buys 43 Acres In Panipat For Luxury Housing, Project May Generate Over ₹1,250 Crore In Revenue

Panipat: Panipat, a small city in Haryana, is now set to grow rapidly like Gurugram. Big real estate company Godrej Properties has bought 43 acres of land in the city. On this land, the company will build luxury houses and plots.

Experts believe this project will lead to a sharp rise in land and property prices in nearby areas. Godrej Properties has already delivered successful real estate projects in cities like Gurugram, Noida, and Ghaziabad.

Land Deal Details

Godrej Properties shared the news of this land purchase through a stock exchange notice. The company has not revealed how much it paid for the land. However, it did say that the project has the potential to earn over Rs 1,250 crore in revenue.

The 43-acre land is located in Sector 40, Panipat. It will be developed as a residential township, including both flats and independent houses. The total construction area planned is around 10.2 lakh square feet.

Focus on Plotted Development

Gaurav Pandey, CEO and Managing Director of Godrej Properties, said that the project fits well with the company’s plan to grow in new markets through plotted developments. He added, “Haryana is an important market for us, and we’re excited to create a plotted township in Panipat.”

Panipat to Get a Township

The company plans to name the project Godrej MSR City. This township will include residential development spread across 56 lakh square feet and will be completed over the next few years.

This comes just after Godrej’s successful flat sales in Bangalore, where it sold 1,450 flats worth Rs 2,000 crore. This shows that demand for premium homes is strong in India, especially in growing cities.

Housing Sales See a Dip in Big Cities

While Godrej is expanding, the overall real estate market is facing challenges. A recent report from Anarock shows a 20 percent drop in home sales in seven major cities of India compared to last year.

In Q2 last year, 1,20,335 homes were sold. This year, the number fell to 96,285 homes. Compared to the previous quarter, there’s also a 3 percent drop in sales.

Panipat’s future as a real estate hotspot is looking promising with this new Godrej project. As work begins on the luxury housing, prices in the area are expected to shoot up, attracting both buyers and investors.