by THO
Godrej Properties Ltd (GPL) on August 9 confirmed 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 two land parcels with a total combined bid value of ₹842 crore, according to the e-tendering portal of SBI.
The land parcels together will offer a development potential of around 3.75 million square feet and an estimated revenue potential of over ₹5,000 crore comprising premium residential apartments of varied configurations, the company said in a statement.
GNIDA shall issue the allotment letters after following the due process, the company’s statement said.
Godrej Properties shares were trading 2.23% higher at ₹2,940.40 apiece at 1 pm on August 9.
According to a report published in Hindustan Times, the Greater Noida authority on August 7 conducted the e-bidding process for the allotment of the five group housing plots in different sectors. A total of 38 developers participated in the e-bidding process.
Location of the plots
Spread over 9.5 acres in Sector Sigma – III and around 8 acres in Sector 12, the land parcels are strategically located in Greater Noida, the company said in a regulatory filing on August 9.
Development potential
The land parcels together will offer a development potential of around 3.75 million square feet and an estimated revenue potential of over ₹5,000 crore comprising premium residential apartments of varied configurations, the company said.
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, it said.
Also Read: Godrej Properties sells around 650 homes for more than ₹2000 crore in Noida
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 ₹2,050 crore. The response to Tropical Isle led to the launch of the second project, Godrej Jardinia, within three quarters, which was sold out at launch in Q1 of the current fiscal, with a booking value of ₹2,375 crore. Both projects sold around ₹4,400 crore across just three quarters.
“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,” said Gaurav Pandey, MD and CEO, Godrej Properties.
Also Read: Godrej Properties highest bidder for land parcel in Noida with revenue potential of ₹3000 crore
Realty firm Godrej Properties last month had reported a more than four-fold jump in consolidated net profit to ₹520.05 crore in the first quarter of this fiscal year and clocked nearly four times increase in sales bookings to ₹8,637 crore during the June quarter amid strong housing demand.
Godrej Properties has a major presence in Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. In the previous financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over ₹22,000 crore.
Also Read: Godrej Properties wins bid for group housing plot for ₹506 crore in Sector 44, Noida
