Godrej Properties wins bid for ₹506 Crore Noida land parcel

5 Mar 2024 , 12:37 PM

Moneycontrol reported that listed real estate company Godrej Properties had been declared the highest bidder for a 6.45-acre group housing plot in Noida, with a total bid value of ₹506 Crore.

The land parcel situated in Noida Sector 44 will be developed by a developer based in Mumbai for residential group housing. The Noida Authority put the group housing property, which is more than 26,000 square metres, up for sale through an online auction in December 2023.

Applications have been submitted by Godrej Properties and Max Estates, two developers, to purchase the group housing property in sector 44. Godrej placed the highest bid at ₹506 Crore at the e-auction today, February 26, and won the bid for the land, a top Noida Authority official who is aware of the development told Moneycontrol.

The representative stated that Godrej Properties will shortly receive the allotment letter. According to him, Godrej Properties must pay for the land in full within ninety days of the allotment letter’s date.

Godrej Properties did not immediately respond to Moneycontrol’s requests for a statement regarding the development.

Godrej Properties paid ₹377 Crore in total for two adjacent land lots in Noida sector 146 during an e-auction earlier in November 2022. The business stated after acquiring these plots that these land parcels, which were scattered over 12.4 acres, had potential for development of over 3.2 million square feet.

In the third quarter, Godrej Properties reported a 6% year-over-year rise in consolidated net profit, coming in at ₹62.47 Crore. Revenue, at ₹330.44 Crore, increased by 68%.

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