Godrej Properties Acquires 24-Acre Land in Indore for Residential Project

Posted On January 15, 2025

15 January 2025

India’s Tier-2 cities are experiencing significant growth in the real estate sector, driven by increased demand for affordable housing and strategic investments by prominent developers. A notable example is Godrej Properties’ recent acquisition of a 24-acre land parcel in Indore, Madhya Pradesh, for approximately ₹200 crore. The company plans to develop premium residential plots on this site, with an estimated revenue potential of around ₹500 crore.

This move aligns with Godrej Properties’ strategy to expand its presence in high-growth cities. Gaurav Pandey, MD & CEO of Godrej Properties, stated, “We are happy to expand our presence in Indore, further strengthening our presence in this vibrant city.”

The surge in real estate activity is not limited to Indore. Tier-2 cities such as Jaipur, Kochi, and Indore are witnessing increased demand for affordable housing, fueled by improved infrastructure and government initiatives aimed at rejuvenating these markets. According to Dominic Romell, president of CREDAI-MCHI, property prices in these cities have increased by five to eight percent annually over the last couple of years.

Government programs like the Pradhan Mantri Awas Yojana (PMAY) have further bolstered this demand by providing subsidies and incentives for affordable housing. Developers are increasingly focusing on such projects to tap into the growing market segment in Tier-2 cities. The combination of strategic investments by developers and supportive government policies is transforming these cities into attractive destinations for homebuyers and investors alike.

In summary, the real estate boom in India’s Tier-2 cities is a testament to the country’s evolving urban landscape. The proactive approach of developers like Godrej Properties, coupled with government support, is fostering sustainable growth and meeting the rising demand for quality housing in these emerging urban centers.

Source: Deccan Herald, Times Property, Hindustan Times

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