Godrej Properties emerges as highest bidder for luxury housing project in Gurugram

Godrej Properties (GPL) said that it has emerged as the highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential in excess of Rs 5,500 crore.

The company has received the letter of intent for the said project.

GPL was declared as the highest bidder for this project post an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

The plot, measuring 7.5 acres is located in the prestigious Golf Course Road micro-market and will offer a development potential of over 1.7 million square feet, comprising of luxury residential apartments of varied configurations, with an estimated revenue potential in excess of Rs 5,500 crore.

 

In FY24, GPL acquired two prime parcels measuring 5.15 acres and 2.76 acres in the Golf Course Road micro-market from HSVP through auction and plans to launch both these projects in the current financial year.

The estimated revenue potential of GPLs developable land on Golf Course Road in Gurgaon is in excess of $1.5 billion.

Gaurav Pandey, MD & CEO, Godrej Properties, said: We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence which our customers have placed in us.

I am very confident that this new acquisition will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market.

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 30 September 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.

The companys consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24. Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.

The scrip rose 0.21% to currently trade at Rs 2931.30 on the BSE.

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