 "Godrej Properties wins bid for 2 plots in Gurugram, eyes Rs 3400 cr revenue")
Realty firm Godrej Properties has won bid for two residential plots in Gurugram costing 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 informed that it has "emerged as the highest bidder and 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 plots is Rs 515 crore, it added.
The plot measuring 3.6 acres is located in the prestigious Golf Course Road micro-market whereas the plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48.
"The land parcels together will 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 of varied configurations," Godrej Properties said.
In the last fiscal, Godrej Properties Ltd had bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and plans to launch both these projects during this fiscal.
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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 having a total estimated revenue potential in excess of USD 1 billion.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "We have witnessed strong demand for our projects in 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."
Godrej Properties is one of the leading real estate developers in the country.
It became the largest player last fiscal 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 also, Godrej Properties has retained its number one position in sales bookings by selling properties worth Rs 8637 crore.
Godrej Properties is focusing on Delhi-NCR, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad markets for group housing projects. It is also coming up with plotted developments in smaller cities.