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Godrej Properties Wins Bid to Acquire 17.5 Acres in Greater Noida for Rs 842 Crore
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siliconindia
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Friday, August 9, 2024
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Godrej Properties, a leading real estate developer, has secured two prime land parcels totaling 17.5 acres in Greater Noida through a successful bid of Rs 842 crore. The acquisition is expected to generate over Rs 5,000 crore in revenue from upcoming residential projects on these plots.
The company emerged as the highest bidder in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA), according to a regulatory filing. The e-auction, organized by GNIDA, focused on residential group housing plots, with Godrej Properties bidding a total of Rs 842 crore for the two plots.
The land parcels, located in Sector Sigma - III (9.5 acres) and Sector 12 (8 acres) of Greater Noida, are strategically positioned in prime areas of the city. Together, these plots offer a development potential of approximately 3.75 million square feet.
Commenting on the acquisition, Gaurav Pandey, MD & CEO of Godrej Properties, expressed confidence in the company’s continued growth in the NCR market. “We have witnessed strong demand for our projects in the NCR market, reflecting the trust and confidence customers have in us. I am confident that these two new acquisitions will further strengthen our development portfolio in NCR and cater to the strong demand for our products in this market”, he said.
Godrej Properties is a prominent player in the Indian real estate sector, with a substantial presence in key markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company was the largest listed real estate firm in terms of sales bookings in the last fiscal year, recording sales worth over Rs 22,500 crore in 2023-24.
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