Mumbai-based listed real estate developer Godrej Properties has purchased two group housing land parcels in Gurugram through an e-auction for a combined Rs 515 crore at an auction conducted by conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
The plots together offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore, the company said.
One of the plots measures 3.6 acres and is in the tony Golf Course Road micro-market, while the second land parcel, measuring 1.97 acres, is in Sector 39 close to the NH-48 (the Delhi-Jaipur highway).
Also Read: Godrej Properties Q1 results: Net profit soars 316% to Rs 520 cr
“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,” Gaurav Pandey, MD and CEO, Godrej Properties, said.
In FY24, Godrej Properties bought two group housing parcels measuring 5.15 acres and 2.76 acres on the Golf Course Road from HSVP and plans to launch these projects in the current financial year .
Also Read: Godrej Properties, Sobha bag prime housing plots in Greater Noida
Godrej Properties has also won bids for two land parcels in Greater Noida this quarter, which combined with these two additions in Gurugram, has allowed the developer to strengthen its NCR portfolio with four projects with a total estimated revenue potential in excess of $1 billion, the company has said.
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