Godrej Properties has acquired a 53-acre land parcel near Joka for around ₹115-120 crore to launch the company’s first residential plotted development project in Bengal.

The land parcel at Usthi, which is about 36 kilometres south of Calcutta, is estimated to have a development potential of 1.3 million square feet of saleable area with a revenue potential of ₹500 crore.

This will be the fifth residential project undertaken by Mumbai-based Godrej Properties, a listed entity, in Calcutta and its surrounding area. The company, helmed by Pirojsha Godrej, has also competed two commercial projects in the city.

Market sources said Godrej will come up with row houses in the plot purchased on Wednesday and market it as a second home to buyers.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “This land acquisition fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents.”

In a regulatory filing, Godrej said the land is located in the fast-developing micro-market of Joka, which is close to the city and in the proximity of Diamond Harbour, a seaside weekend getaway.

There has been a number of second home row house/ plotted development projects in and around of Joka and on the Diamond Harbour Road leading all the way up to Raichak. Availability of large tracts of land required for plotted developments has always been a draw for developers in that area.

Rahul Baid, owner of Champalall & Co, who brokered the deal for Godrej, said the transaction reinforces Bengal’s status in the real estate market. “Given that a trusted name like Godrej picked up another large project in the state, it would encourage many more players to take interest,” Baid said.

With close to 9.7 million square feet of projects delivered/under development, Godrej is easily one of the largest pan India developers to expand operations in Bengal. The outright purchase on Wednesday, underlines that the company is keen to carry on with the momentum.