Godrej Properties Wins Premium Gurugram Plots for ₹515 Crore

On September 2, 2024, Godrej Properties Ltd (GPL) announced its successful bid for 2 high-value group housing plots in Gurugram, securing a Letter of Intent through an e-auction by the Haryana Shehri Vikas Pradhikaran (HSVP).

The total bid value for the plots is ₹515 crore. One plot, spanning 3.6 acres, is situated in the prestigious Golf Course Road area, while the other, covering 1.97 acres, is located in Sector 39 near NH 48. Together, these land parcels offer a development potential of over 1 million square feet and an estimated revenue potential exceeding ₹3,400 crore from luxury residential apartments.

Both locations boast well-planned infrastructure and prime connectivity, promising a high-quality lifestyle for future residents. In FY24, GPL acquired two additional prime parcels in the Golf Course Road area and plans to launch projects on these sites in FY25. Furthermore, GPL has recently secured two land parcels in Greater Noida this quarter. With these new acquisitions in Gurugram, GPL has significantly bolstered its NCR portfolio, now featuring four projects with a total estimated revenue potential surpassing USD 1 billion.

Commenting on this development, the MD and CEO of Godrej Properties, Gaurav Pandey, said, “We have witnessed strong demand for our projects in the NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to the strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”

About Godrej Properties Ltd

Godrej Properties Limited, part of the renowned Godrej Group established in 1897, carries forward the group’s legacy of innovation, sustainability, and excellence into the real estate sector. As one of India’s leading conglomerates, Godrej Properties applies these core principles to its real estate ventures.

On September 2, 2024, the share price of Godrej Properties Ltd opened at ₹2,940.50, touching the day’s low at ₹2,897.15, as of 10:52 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.