Real estate giant Godrej Properties has successfully won the bid for two premium residential plots in Gurugram, with a combined cost of Rs 5.15 billion. The company plans to develop luxury homes on these land parcels, projecting a revenue potential of Rs 34 billion .
In a regulatory filing, Godrej Properties announced that it had emerged as the highest bidder and received the Letter of Intent to develop two group housing plots in prime locations of Gurugram. The plots were acquired through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
The first plot, spanning 3.6 acres, is situated in the prestigious Golf Course Road micro-market, while the second plot, measuring 1.97 acres, is strategically located in Sector 39, near NH 48. Together, these land parcels offer a development potential of over 1 million square feet, comprising luxury residential apartments in various configurations.
In the previous fiscal year, Godrej Properties acquired two other prime plots, totalling 5.15 acres and 2.76 acres, in the Golf Course Road area from HSVP. The company plans to launch projects on these plots during the current fiscal year, further strengthening its presence in the Delhi-NCR market.
Gaurav Pandey, MD & CEO, Godrej Properties, expressed confidence in the company's growth, citing strong demand for its projects in the NCR region. He believes these new acquisitions will enhance their development portfolio and meet the continued demand for luxury housing in the market.
Godrej Properties has become a leading player in the Indian real estate sector, achieving record sales bookings of Rs 225 billion in 2023-24. The company aims to reach Rs 275 billion in sales for the current fiscal year. In the first quarter alone, it maintained its top position by selling properties worth Rs 86.37 billion.
The company continues to focus on key markets such as Delhi-NCR, the Mumbai Metropolitan Region, Pune, Bengaluru, and Hyderabad, while also exploring plotted developments in smaller cities.
(Business Standard)
