Godrej Properties secures land in Greater Noida for Rs 842 crore, expects Rs 5,000 crore revenue

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

The company said the total bid value for the plots is Rs 842 crore, as per tender portal SBI. The plots, located in Sector Sigma-III and Sector 12 of Greater Noida, are spread over about 9.5 acres and 8 acres, respectively.

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

As per the company’s statement, for fiscal 2023, Godrej Properties has already acquired two plots of 6.2 acres each in Sector 146, Noida. The first project, Godrej Tropical Isle, was successfully launched with a booking value of over Rs 2,050 crore, making it the company’s biggest launch at that time.

The company then launched Godrej Jardinia in three quarters and it was sold out at launch in Q1 of the current fiscal with a booking value of INR 2,375 crore. Combined, the two projects were a huge success, generating sales of around Rs 4,400 crore in just three quarters.

“We have seen strong demand for our projects in the NCR market, which shows the immense trust and confidence that our customers have in us. I am confident that these two new acquisitions will further strengthen our development portfolio in NCR and also cater to the strong demand for our products in the market. We will strive to build exceptional residential communities that create long-term value for their residents,” said Gaurav Pandey, Managing Director, CEO, Godrej Properties.

The company’s shares also rose over 2 percent to Rs 2,955 on the New York Stock Exchange. (ANI)