One of the real estate conglomerate of India, Godrej Properties, has become the highest bidder for two luxury group housing plots in Gurugram and bagged the bid value of Rs.515 crore. The land parcels are measured as 3.6 acres and 2 acres which are situated in prime areas of Gurugram. According to the exchange filing, the larger land parcel is located in the prestigious Golf Course Road micro-market, while the smaller one is situated in Sector 39, near NH 48.
According to the NSE, on August 30, Godrej Properties' share price increased by 1.70%, closing in the green. The company has a market capitalization of Rs.81,131.46. Godrej Properties' stock reached a 52-week high of Rs.3,402.70 on July 16, 2024.
Continuing its positive trend, Godrej Properties' share price opened up by 0.25% at Rs.2,916 on September 2 during early trading.
Regarding recent acquisitions, Gaurav Pandey, Managing Director & CEO of Godrej Properties, commented, “We have observed significant demand for our projects in the NCR market, reflecting the trust and confidence our customers have in us. These two new acquisitions will enhance our development portfolio in NCR and address the strong demand for our offerings in the region. Our goal is to create exceptional residential communities that provide long-term value to residents.”
These plots were obtained through an e-auction held by the Haryana Shehri Vikas Pradhikaran (HSVP). The total development potential of these plots exceeds 1 million square feet, with an estimated revenue potential surpassing Rs.3,400 crore. The planned developments will include luxury residential apartments in various configurations, designed to meet the high demand in the area.
In this ongoing fiscal year,Godrej Properties Limited has acquired two additional prime land parcels totaling 7.91 acres on Golf Course Road and plans to launch projects on these sites in FY 25. Moreover, GPL secured two land parcels in Greater Noida through auctions this quarter. With these recent acquisitions in Gurugram, GPL has significantly enhanced its portfolio in the National Capital Region (NCR), raising the total estimated revenue potential of its NCR projects to over $1 billion.
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