Godrej Properties Ltd. (GPL) announced on September 2 that it has successfully secured the highest bid of ₹515 crore for two group housing plots in Gurugram, Haryana. The company plans to develop luxury residential apartments on these plots, with a projected revenue potential exceeding ₹3,400 crore.
In a regulatory filing, Godrej Properties confirmed the receipt of a Letter of Intent to develop the plots, acquired through an e-auction organized by the Haryana Shehri Vikas Pradhikaran (HSVP). The first plot, measuring approximately 3.6 acres, is located in the Golf Course Road micro-market, while the second plot, covering 1.97 acres, is strategically positioned in Sector 39, close to National Highway 48.
The total development potential of these land parcels is estimated to be over 1 million square feet, offering a range of luxury residential configurations. The company anticipates that these developments will contribute significantly to its revenue goals.
Expansion of Godrej Properties in the NCR Region
Godrej Properties has been actively expanding its portfolio in the National Capital Region (NCR). In the financial year 2023-24, the company acquired two prime land parcels—one measuring 5.15 acres and the other 2.76 acres—in the Golf Course Road micro-market through an auction process by HSVP. Both projects are expected to be launched in the fiscal year 2025. Additionally, GPL secured two land parcels in Greater Noida during the current quarter. Together with the new acquisitions in Gurugram, these projects are projected to generate total revenues exceeding $1 billion.
Gaurav Pandey, Managing Director and CEO of Godrej Properties, expressed confidence in the company’s expansion strategy. “We have observed strong demand for our projects in the NCR market, reflecting the trust and confidence of our customers. These new acquisitions will enhance our development portfolio and cater to the robust demand in this region. Our aim is to build high-quality residential communities that provide long-term value to their residents,” he stated.
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By Proptechbuzz
By Ravi Kumar
