Godrej Properties wins bid for 2 plots in Gurugram, targets Rs 3,400 crore turnover
The company also won auctions for two land plots in Greater Noida in the current quarter.
Real estate agency Godrej Properties has won a bid for two residential plots in Gurugram worth Rs 515 crore. Luxury homes worth Rs 3,400 crore will be built on these plots.
In a regulatory filing on Monday, Godrej Properties said it “has emerged the highest bidder and obtained the letter of intent to develop two group housing plots at prime locations in Gurugram through an e-auction conducted by Haryana Shehri Vikas Pradhikaran (HSVP)”.
The combined bid value for both the plots is Rs 515 crore, it added.
The 3.6-acre plot is located in the prestigious micro market of Golf Course Road while the 1.97-acre plot is strategically located in Sector 39, close to NH 48.
“The land plots collectively offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore, comprising luxury residential apartments with various layouts,” Godrej Properties said.
In the last financial year, Godrej Properties Ltd auctioned two prime plots of 5.15 and 2.76 acres in HSVP’s micro market of Golf Course Road and plans to launch both the projects in this financial year.
The company also won auctions for two land plots in Greater Noida in the current quarter.
These four plots in Greater Noida and Gurugram strengthen the company’s portfolio in Delhi-NCR and have an estimated total revenue potential of over USD 1 billion.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have seen strong demand for our projects in the NCR market, which shows immense trust and assurance that customers have placed in us. I am confident that these two new acquisitions will further strengthen our development portfolio in NCR and also capitalize on the strong demand for our products in this market.”
Godrej Properties is one of the leading real estate developers in the country.
It became the largest player in the last fiscal year in terms of sales bookings. The company sold properties worth Rs 22500 crore in 2023-24 and has set a target of Rs 27500 crore for the current fiscal.
In the first quarter of this fiscal year too, Godrej Properties maintained its lead in sales bookings by selling properties worth Rs 8,637 crore.
Godrej Properties is targeting Delhi-NCR, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad markets for group housing projects. It is also coming up with planned developments in smaller cities.
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First publication: 02 Sep 2024 | 09:21 am IST