Godrej Properties, Sobha bag prime housing plots in Greater Noida

Godrej Properties and Sobha Limited secure group housing plots in Greater Noida

Mumbai-based Godrej Properties has secured two land parcels and Bengaluru headquartered Sobha Limited one in Greater Noida after emerging as the highest bidders in an e-auction.

The Greater Noida Industrial Development Authority (GNIDA) auctioned five group housing plots, which together measured about 1.36 lakh square metres (sq m), for more than Rs 1,500 crore, officials said on August 8.

According to GNIDA officials, Godrej Properties made the highest bid of around Rs 442 crore for a 32,350 sq m (7.9 acre) parcel sector 12 and Rs 400 crore for a 38,771 sq m (9.58 acre) plot in Sigma III in the August 7 auction.

Godrej Properties bid Rs 1,36,743 per sq m for the Sector 12 plot and Rs 1,03,243 per sq m for the Sigma-III parcel, the officials said.

Also Read: Godrej Properties wins bid for 6.4-acre group housing plot for Rs 506 cr in Noida

Related stories

Ashish Mishra

Prinicipal Correspondent|moneycontrol

• 
  UPRERA clears projects in emerging UP cities including Ayodhya and Jhansi
• 
  NCR’s new growth story: Peripheral areas beat city centres in real estate race
• 
  Logistics realty demand at all-time high, 3PL, e-commerce drive 55.3-msf absorption

The new parcels will expand Godrej’s presence in the National Capital Region, as the developer already has a presence in Noida and Gurugram.

Godrej Properties reported a 316 percent surge in consolidated net profit at Rs 520 crore for the June quarter.

Sobha secured a 13,938 sq m plot for around Rs 161 crore in Greater Noida’s Sector 36 with a bid of Rs 1,16,012 per sq m. Sobha has several projects in Gurugram.

Sobha had a tough June quarter, as the consolidated net profit plunged 50 percent YoY to Rs 6.06 crore.

The other two plots were secured by Ashtech Industries Private Limited and Prashu Infrabuild Private Limited in Sectors 12 and Eta-2.

Ashtech was allotted a 22,558-sq m (5.57 acre) parcel at Rs 1.3 lakh per sq m in sector 12.

Prashu Infrabuild was allotted a 28,265 sq m (6.9 acre) plot after a winning bid of Rs 71,404 per sqm in Sector Eta 2, GNIDA officials said.

The bidders will have to pay the full amount within 90 days from the issuance of the allotment letter, officials said.