 "Godrej Properties")
Shares of Godrej Properties will be in focus on Monday, March 4, as the company has entered into definitive agreements to develop a township project on a 62 acre land parcel in North Bengaluru.
"While an agreement for sale for land, including this 62 acre, was entered into by the company in 2014, the development wasn't able to commence at the time. Over the past few months, the 62 acre development opportunity has crystallised and the company now expects to launch the first phase of development on this land in the upcoming financial year," it said in a statement.
The township development will be under a profit-sharing model, offering ~ 5.6 million square feet of saleable area with an estimated booking value of Rs 5,000 crore.
Last week, Godrej Properties won the bid for a 6.45-acre group housing plot in Noida for a total bid value of Rs 506 crore.
The real estate firm is expectedd to develop the group housing plot measuring more than 26,000 sq mt located in Noida's Sector-44. The land parcel was put up for sale by Noida Authority through an e-auction in December 2023.
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"Two bids were received by Noida Authority for the group housing plot measuring 26,136.55 square metres or 6.45 acres located in Sector 44, Noida. Two developers including Godrej Properties and Max Estates had applied for the bid. During the e-auction today (February 26), Godrej made the highest bid at Rs 506 crore and won the bid for the plot," reports said quoting Sanjay Kumar Khatri, additional chief executive officer of the Noida authority.
Prior to that, Godrej Properties had acquired about 12.5 acres in Rajendra Nagar, Hyderabad, as part of its efforts to expand its portfolio in key markets across India.
The company said the land is in a prime area with potential for development of around 4 million sq ft of saleable area, generating revenue of Rs 3,500 crore.
