Press Trust of India
Realty firm Godrej Properties has won a bid to acquire 7.5 acres of land in Gurugram to develop a luxury housing project with a revenue potential of more than Rs.5,500 Crore.
In a regulatory filing on Friday, Godrej Properties said it has emerged as the “highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential over Rs.5,500 Crore.”
The company has secured the Letter of Intent to develop a group housing plot at Golf Course Road through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
The plot, measuring 7.5 acres, has a development potential of over 1.7 million square feet, compromising luxury residential apartments of varied configurations.
Godrej Properties has acquired 11 new land parcels so far this fiscal. These projects are estimated to generate a total revenue of Rs.22, 950 Crore. The company had given guidance that it would add various land parcels this fiscal, with a total revenue potential of Rs.20, 000 Crore.
In the last fiscal, Godrej Properties acquired two prime parcels measuring 5.15 –acres and 2.76 acres in the Golf Course Road micro-market from HSVP through auction and plans to launch both these projects in the current financial year.
The estimated revenue potential of its developable land on Golf Course Road in Gurgaon is in excess of USD 1.5 billion.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence, which our customers have placed in us.”
Earlier this week, Godrej Properties reported a five-fold jump in its consolidated net profit to Rs.335.21 Crore for the quarter ended September on higher income.
Its net profit stood at Rs.66.80 Crore in the year-ago period.
Total income more than doubled to Rs.1, 364.54 Crore in the second quarter of this fiscal from Rs.605.11 Crore in the corresponding period of the previous year.
Godrej Properties’ sale booking increased 89 percent to over Rs.13, 800 Crore during the April-September period of September of this fiscal.
The company has set a target of achieving Rs.27, 500 Crore worth of sales bookings in the current 2024-25 financial year as against Rs.22, 527 Crore in the preceding year.
Godrej Properties is one of the leading real estate developers in the country.
Earlier this month, in the recently concluded e-auction at Navi Mumbai, Godrej Properties won the bid to develop 6.5 acres as a group housing project. The auction event was organized by the City and Industrial Development Corporation of Maharashtra (CIDCO).
Godrej Properties aims to develop a group housing project in Sector 5-A, Kharghar, Navi Mumbai. The gigantic plot of 6.54 acres will have residential apartments in distinct segments with a revenue potential of Rs. 3,500 Crore.
