Mumbai based Godrej Properties Ltd (GPL) emerged as the highest bidder for two adjacent land plots in Navi Mumbai at a total bid value of Rs 166 crore in an e-auction conducted by the City and Industrial Development Corporation (CIDCO).

CIDCO came up with 63 residential plots in Ghansoli, Kharghar and New Panvel nodes, for which the filling of e-tenders began this week. The minimum offset price of these plots ranges between Rs 70,000 to Rs 100,000.

Last month, CIDCO had offered 106 bungalow and row house plots across Navi Mumbai for which the tender will open next week.

Out of the 63 plots, Kharghar has maximum 29 plots and its size ranges from 44 sq m to 115 sq m and the offset price is Rs 100,000. New Panvel node has 28 plots while Ghansoli has only six plots. The lowest offset price is Rs 70,000 of New Panvel plots.

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GPL will construct a residential project on the land located in Sanpada, Navi Mumbai. Spread over 1.5 acres, the project will offer about 4 lakh sq ft of development potential consisting primarily of premium residential apartments of varied specifications with a small amount of high street retail at the base of the development.

As we reported earlier, in December, GPL bought 18 acres in suburban Bengaluru’s Whitefield to develop a premium residential project.

For the December quarter, Godrej Properties reported a 69% year-on-year decline in its consolidated net profit to Rs 14.35 crore, while total income fell to Rs 311.12 crore from Rs 517.47 crore in the corresponding period a year ago.

To get tender details click here.

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