Sep 02, 2024 10:11 AM IST
Godrej Properties said that the land parcels measuring approximately 3.6 acres, and 2 acres will have a combined revenue potential in excess of ₹3,400 crore
Godrej Properties Ltd. (GPL) announced on September 2 that it has emerged as the highest bidder for two group housing plots in Gurugram costing ₹515 crore and will be developing the luxury apartments worth ₹3400 crore on these land parcels.
The company said in a regulatory filing that it has secured the Letter of Intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
The combined bid value for both the plots is ₹515 crore. The plot measuring 3.6 acres is located in Golf Course Road micro-market whereas the plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48, it said.
Also Read: Godrej Properties sells around 650 homes for more than ₹2000 crore in Noida
The land parcels together will offer a development potential of over 1 million square feet and an estimated revenue potential of over ₹3,400 crore comprising luxury residential apartments of varied configurations, the company said.
Godrej Properties’ portfolio in NCR
In FY24, GPL bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at an auction and plans to launch both these projects in FY 25. GPL also won auctions for two land parcels in Greater Noida in the current quarter, which combined with these two new additions in Gurugram, has allowed GPL to greatly strengthen its NCR portfolio with four projects with a total estimated revenue potential in excess of $1 billion, it said.
Also Read: Godrej Properties sells homes worth ₹2,690 crore in its new project in Mumbai
“We have witnessed strong demand for our projects in the NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents,” said Gaurav Pandey, MD and CEO, Godrej Properties.
Also Read: Godrej Properties reports ₹520 crore net profit in Q1, properties worth ₹8,637 crore sold
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