Godrej Properties bags two luxury housing plots in Gurugram for ₹515 crore; share price opens in green

Godrej Properties Ltd. (GPL), a leading real estate developer in India, has emerged as the highest bidder for two luxury group housing plots in Gurugram, securing a combined bid value of ₹515 crore, on September 2 The land parcels, measuring approximately 3.6 acres and 2 acres, are located in prime areas, with the larger plot in the prestigious Golf Course Road micro-market and the smaller one in Sector 39, near NH 48, as per an exchange filing.

According to the NSE, Godrej Properties' share price closed in green, up 1.70 per cent on August 30. The company enjoys a market capitalisation of ₹81,131.46. Godrej Properties' stock price hit a 52-week high of ₹3,402.70 on July 16, 2024.

Continuing the positive trend Godrej Properties share price opened in green, up 0.25 per cent at ₹2916, on September 2, during the early trading session.

Commenting on the acquisitions, Gaurav Pandey, Managing Director & CEO of Godrej Properties, stated, “We have witnessed strong demand for our projects in the NCR market, demonstrating the trust and confidence customers have placed in us. These two new acquisitions will further strengthen our development portfolio in NCR and cater to the robust demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for residents.”

These plots were acquired through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The combined development potential of these plots is over 1 million square feet, with an estimated revenue potential exceeding ₹3,400 crore. The planned developments will feature luxury residential apartments in various configurations, catering to the high demand in the region.

In the current fiscal year, GPL also acquired two other prime land parcels in the Golf Course Road area, totalling 7.91 acres, and plans to launch projects on these sites in FY 25. Additionally, GPL won auctions for two land parcels in Greater Noida this quarter. With these new acquisitions in Gurugram, GPL has significantly strengthened its portfolio in the National Capital Region (NCR), bringing the total estimated revenue potential of its NCR projects to over USD 1 billion.