Godrej Properties secures Greater Noida Land for Rs 842 Crore, eyes Rs 5,000 Crore in revenue

New Delhi [India], August 9 (ANI): Godrej Properties emerged as the highest bidder for two residential group housing plots in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA), the company informed the exchange in a filing on Friday.

The company stated that the combined bid value for the land parcels stands at Rs 842 crore, according to the e-tendering portal of SBI. The land parcels, located in Sector Sigma-III and Sector 12 of Greater Noida, span approximately 9.5 acres and 8 acres respectively.

The project is expected to generate an estimated revenue of over Rs 5,000 crore and will feature residential apartments of various configurations.

According to the company statement in the fiscal year 2023, Godrej Properties had already acquired two prime parcels of 6.2 acres each in Sector 146, Noida. The first project, Godrej Tropical Isle, was launched successfully, achieving a booking value of over Rs 2,050 crore, marking it as the biggest-ever launch for the company at that time.

After that, the company launched Godrej Jardinia within three quarters and was sold out at launch in Q1 of the current fiscal year, with a booking value of INR 2,375 crore. Combined, these two projects saw tremendous success, generating sales of approximately Rs 4,400 crore across just three quarters.

“We have witnessed strong demand for our projects in the NCR market, demonstrating the huge trust and confidence our 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 their residents” said Gaurav Pandey, Managing Director & CEO of Godrej Properties.

The shares of the company also surged more than 2 per cent to Rs 2955 on the National Stock Exchange.