Godrej Properties plans to sell 14 acres of land parcel in Gurgaon

11 Oct 2023 , 10:43 AM

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram. The value of the said property is approximately Rs 730 crore.

The Mumbai-based real estate firm purchased the land in Sector 89 from a local land-aggregating company almost two years ago.

The selling of the land comes as a surprise, given that Godrej purchased it less than two years ago. The transaction is nearing completion, and both sides have willingly agreed to it.

The Mumbai-based firm, with a strong foothold in Gurugram, was scheduled to construct one of its largest residential developments in the city, greatly strengthening its position in the area.

“Godrej Properties was granted the license agreement from the Haryana government town and country planning department to construct a mixed-use development with a 5% commercial component in Sector-89 Gurugram Manesar urban complex,’ according to a government document dated July 2023.

Hero Realty, which is supported by Sunil Kant Munjal’s Hero Enterprise, has several projects in Gurugram, including the recent purchase of a 5-acre block of land for Rs 90 crore to create a planned residential project.

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