Godrej Properties Ltd. (GPL) has emerged as the highest bidder for two luxury group housing plots in Gurugram, securing a Letter of Intent from the Haryana Shehri Vikas Pradhikaran (HSVP). The total bid for the plots, measuring 3.6 acres and 1.97 acres, is valued at ₹515 crore.
The shares of Godrej Properties Ltd. (GPL) were trading at ₹2,900 down by ₹9.25 or 0.32 per cent on the NSE today at 10.45 am.
The larger plot is located in the Golf Course Road micro-market, while the smaller plot is in Sector 39, near NH 48. These prime locations offer a development potential of over 1 million square feet, with an estimated revenue potential exceeding ₹3,400 crore. The project will feature luxury residential apartments with varied configurations.
In FY24, Godrej Properties acquired two other land parcels in the Golf Course Road area and has plans to launch these projects in FY25. This acquisition, along with two other recent land purchases in Greater Noida, bolsters GPL’s portfolio in the National Capital Region (NCR), with an estimated total revenue potential of over $1 billion.
Gaurav Pandey, MD & CEO of Godrej Properties said, “We have witnessed strong demand for our projects in 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 strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”
