The real estate developer Godrej Properties Ltd., announced today that it has purchased 60 acres on an outright basis in the fast-developing micro market of Oragadam Junction, Chennai, via an exchange filing.
Spread across around 60 acres, the proposed project is estimated to have a developable potential of approximately 1.6 million square feet of saleable area, consisting primarily of residential plotted development.
The site is strategically located in between Grand South Trunk road (GST road) and NH-4, just off Oragadam Junction (on the 6-lane SH-48) offering access to other parts of the city via Chennai Bypass Road, Chennai Tiruvallur High Road and Red Hills Road.
Gaurav Pandey, MD and CEO, Godrej Properties, said, “We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India’s leading cities. We will aim to build an outstanding plotted development project in Chennai that creates long term value for its residents.”
Oragadam Junction is recognized as one of the fastest-growing business and largest industrial corridors in Chennai, with manufacturing facilities for 22 Fortune 500 companies spread across the industrial belt stretching from Sriperumbudur to Oragadam.
The area is well-connected via road and rail and offers good civil and social infrastructure, consisting of schools, colleges, hospitals, and retail outlets.