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

Godrej Properties wins bid for 6.4 acre group housing plot for Rs 506 crore in Noida

Listed real estate developer Godrej Properties has been declared the highest bidder for a 6.45-acre group housing plot in Noida for a total bid value of Rs 506 crore, an official of the Noida Authority told Moneycontrol.

The Mumbai-based developer will develop residential group housing on the land parcel located in Noida Sector 44. The group housing plot measuring over 26,000 square metres was put up for sale through e-auction by the Noida Authority in December 2023.

“Two bids were received against the group housing plot measuring 26,136.55 square metres or 6.45 acres. Two developers including Godrej Properties and Max Estates have applied for the acquisition of the group housing plot in sector 44. During the e-auction today (February 26), Godrej made the highest bid at Rs 506 crore and won the bid for the plot,” a senior official of the Noida Authority, who is in the know of the development, told Moneycontrol.

The official said that the allotment letter in the name of the Godrej Properties will be issued soon. Godrej Properties will have to make full payment of the land within 90 days from the date of the allotment letter, he added.

There was no immediate response from Godrej Properties to Moneycontrol queries seeing a comment on the development.

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Ashish Mishra

Prinicipal Correspondent|moneycontrol

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Also Read: Godrej Properties acquires two land parcels for housing project in Noida

Earlier in November 2022, Godrej Properties acquired two adjacent land parcels in Noida sector 146 through an e-auction for a total bid value of Rs 377 crore. These land parcels were spread over 12.4 acres having approximately 3.2 million square feet of development potential, the company had said after the acquisition of these plots.

Godrej Properties reported a 6 percent year-on-year increase in consolidated net profit at Rs 62.47 crore in the third quarter. Revenue was up 68 percent at Rs 330.44 crore.