Godrej Properties added 1.11% to Rs 2519.45 after the company said that it has declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.
Spread over approximately 6.46 acres, the land is strategically located in Sector 44, one of the most prime locations in Noida.
The land parcel will offer approximately 1.4 million square feet of development potential and an estimated revenue potential of approximately Rs 3,000 crore comprising premium residential apartments of varied configurations. This will be the sixth project of Godrej Properties in Noida.
Gaurav Pandey, MD & CEO, Godrej Properties, said: "We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our development portfolio in NCR (National Capital Region).
This fits well with our strategy of deepening our presence in key micro markets across India's leading cities. We will aim to build an outstanding residential community that creates long-term value for its residents."
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.
The real estate developers consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.
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