Godrej Properties emerges as highest bidder for two land parcels

9 Aug 2024 , 02:46 PM

On Friday, August 9, Godrej Properties was the top bidder for two land parcels in Greater Noida, totalling ₹842 Crore.

The company estimates a revenue potential of ₹5,000 Crore for the 17.5-acre land parcels.

The Greater Noida Industrial Development Authority organised an e-auction for residential group housing plots. Allotment letters will be issued by the authorities after proper process has been completed.

The land lots, measuring 9.5 acres in Sector Sigma-III and 8 acres in Sector 12, are strategically positioned in one of Greater Noida’s most desirable areas, according to the business. The land parcels will have a combined development potential of 3.75 million square feet, which will include premium residential apartments in a variety of designs, it noted.

In the fiscal year 2022-2023, Godrej Properties acquired two 6.2-acre land parcels in Noida’s Sector 146. The company introduced Godrej Tropical Isle with a booking value of ₹2,050 Crore, followed by Godrej Jardinia within three quarters of its success.

The second project was sold out upon launch in the first quarter of the current fiscal, with a booking value of ₹2,375 Crore. According to the report, the projects sold for more than ₹4,400 Crore in three quarters.

Godrej Properties MD and CEO Gaurav Pandey stated that the company has seen great demand for its projects in the NCR sector.

At around 2.40 PM, Godrej Properties was trading 1.59% higher at ₹885.05, against the previous close of ₹870.20 on NSE. The counter touched an intraday high and low of ₹888, and ₹872.80, respectively.

For feedback and suggestions, write to us at [e-mail]