Godrej Properties to develop 2 parcels with ₹3,400 Crore revenue potential

2 Sep 2024 , 03:42 PM

Godrej Properties Ltd. said on Monday, September 2, that it was the highest bidder and received the letter of intent to build two group home plots in prime Gurugram locations.

The aggregate amount of bid for both sites is ₹515 Crore. The company participated in the Haryana Shehri Vikas Pradhikaran’s (HSVP) e-auction.

The first plot is of about 3.6 acres and is situated on the Golf Course Road micro market, while the second plot of 1.97 acres is in Sector 39, near NH48.

The property parcels have a development potential of over 1 million square feet and an expected revenue of over ₹3,400 Crore. They will include luxury residential flats in various layouts.

Godrej Properties purchased two properties of 5.15 acre and 2.76 acre in the Golf Course Road micro market from the HSVP at auction the previous fiscal year, and it intends to launch these projects this fiscal.

In the current quarter, Godrej Properties has also acquired two land parcels in Greater Noida, which, together with these two new additions in Gurugram, has allowed the company to bolster its NCR portfolio with four projects with a total estimated revenue potential of more than $1 billion, according to the firm.

At around 3.07 PM, Godrej Properties was trading 0.89% lower at ₹2,883.40 per piece, against the previous close of ₹2,909.25 on NSE. The counter touched an intraday high and low of ₹2,943, and ₹2,882.05, respectively.

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