Mumbai, August 09, 2024 Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has participated in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for Residential Group Housing Plots, where GPL has emerged as the highest bidder for 2 land parcels with a total combined bid value of INR 842 crore, according to the e-tendering portal of SBI. GNIDA shall issue the allotment letters after following the due process.
Spread over ~ 9.5 acres in Sector Sigma – -III and ~8 acres in Sector 12, the land parcels are strategically located in one of the most prime locations in Greater Noida. The land parcels together will offer a development potential of ~3.75 million square feet and an estimated revenue potential of over INR 5,000 crore* comprising premium residential apartments of varied configurations. With its well-planned infrastructure, wide roads, and proximity to both Delhi and Noida, Greater Noida offers a high-quality lifestyle and good connectivity to Jewar Airport.
In FY 23, GPL bagged two prime parcels of 6.2 acres each in sector 146, Noida. The first project, Godrej Tropical Isle, was launched successfully with a booking value of over INR 2,050 crore and proved to be the biggest-ever launch of GPL at the time. The response to Tropical Isle led to the launch of the second project, Godrej Jardinia, within 3 quarters, which was sold out at launch in Q1 of the current fiscal, with a Booking Value of INR 2,375 crore. The projects saw tremendous success with both projects selling over INR ~4,400 crore across just three quarters.
Gaurav Pandey, MD & CEO, of 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 2 new acquisitions will further strengthen our development portfolio in NCR as well as cater to the strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”