Godrej Properties to develop two group housing plots with revenue potential of Rs 3,400 crore

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The plot measuring 3.6 acres is located in the Golf Course Road whereas the plot measuring 1.97 acres is located in Sector 39. The combined bid value for both the plots is Rs 515 crore.

Godrej Properties on Monday announced that it has emerged as the highest bidder and has secured the Letter of Intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The combined bid value for both the plots is Rs 515 crore, it said in a regulatory filing. 

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The plot measuring 3.6 acres is located in the Golf Course Road micro-market whereas the plot measuring 1.97 acres is located in Sector 39 with proximity to NH 48. The two land parcels, Godrej Properties said, will offer a developmental potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore comprising luxury residential apartments of varied configurations.

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In FY24, Godrej Properties bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and the company plans to launch both these projects in FY25. GPL also won auctions for two land parcels in Greater Noida in the current quarter, which combined with these two new additions in Gurugram, has allowed the real estate company to greatly strengthen its NCR portfolio with 4 projects with a total estimated revenue potential in excess of $1 billion. 

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Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in the 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.”