The company also won auctions for two land parcels in Greater Noida in the current quarter.
Real estate firm Godrej Properties has won the bid for two residential plots in Gurugram worth Rs 515 crore and will develop luxury homes worth Rs 3,400 crore on these land parcels.
In a regulatory filing on Monday, Godrej Properties said it “emerged as the highest bidder and has obtained the Letter of Intent to develop two group housing plots at prime locations in Gurugram through e-auction conducted by Haryana Shehri Vikas Pradhikaran (HSVP).”
The combined bid value for both plots is Rs 515 crore, he added.
The 3.6-acre plot is located on the prestigious Golf Course Road micro market, while the 1.97-acre plot is strategically located in Sector 39 with proximity to NH 48.
“The land parcels together will offer a development potential of over 1 million sq ft and an estimated revenue potential of over Rs 3,400 crore comprising luxury residential apartments of various configurations,” Godrej Properties said.
In the last fiscal, Godrej Properties Ltd had purchased two prime plots of 5.15 acres and 2.76 acres in Golf Course Road micromarket from HSVP in an auction and plans to launch both projects during this fiscal.
The company also won auctions for two land parcels in Greater Noida in the current quarter.
These four plots in Greater Noida and Gurugram will strengthen the company’s Delhi-NCR portfolio, with an estimated total revenue potential of over $1 billion.
Godrej Properties is one of the leading real estate developers in the country.
It became the largest player in the last fiscal in terms of sales bookings. The company sold properties worth Rs 22,500 crore in 2023-24 and has set a target of Rs 27,500 crore for the current fiscal.
In the first quarter of this fiscal year too, Godrej Properties maintained its number one position in sales bookings by selling properties worth Rs 8,637 crore.
Godrej Properties is focusing on the markets of Delhi-NCR, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad for cluster housing projects. It is also developing developments in smaller towns.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 2, 2024 | 09:21 IS
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