Real Estate: Godrej Properties Secures ₹515 Crore Bid For Two Prime Gurugram Plots, Targets ₹3,400 Crore Revenue Potential

One of the top real estate developers in the country, Godrej Properties Limited on Monday (September 2) through an exchange filing announced that it has emerged as the highest bidder and has received the Letter of Intent to develop two group housing plots in Gurugram at premium location. The company secured this bid through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

As per the regulatory filing, the company added that the total combined bid value for both plots is Rs 515 crore.

Prime Land Acquisitions in Gurugram

The two newly acquired plots by the company are located in the prime areas in Gurugram. As per the exchange filing, the first plot spans approximately 3.6 acres and is in the upscale Course Road micro-market. Furthermore, the second plot is situated in Sector 39, close to NH 48, covering an approximate area of 1.97 acres.

In addition, the overall combined development of these plots is over 1 million square feet, with an estimated revenue potential exceeding Rs 3,400 crore.

Prior Acquisitions

The company through the regulatory filings added that it has also secured two prime land parcels totaling 7.91 acres in the Golf Course Road area, earlier in this fiscal year.

Apart from this, the company also added two land parcels in Greater Noida during the current quarter.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”

Share performance

As of September 2, 2024, the shares of the company opened at 0.25 per cent higher at Rs 2,916 apiece.

At 12:42 pm IST, the shares of the company were trading down by 0.62 per cent at Rs 2,891.25 per share on NSE.