Godrej Properties Acquires 2 Plots in Greater Noida for Rs 842 Cr

New Delhi, Aug 9 (PTI) Godrej Properties has won a bid to buy two land parcels totalling 17.5 acres in Greater Noida for Rs 842 crore and expects a revenue of over Rs 5,000 crore from development of residential projects on these plots.

In a regulatory filing on Friday, the company informed that it has emerged as the highest bidder for two land parcels in Greater Noida.

"The land parcels measure a combined ~17.5 acres and have an estimated revenue potential in excess of Rs 5,000 crore," it added.

The company had participated in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for residential group housing plots, where it has emerged as the highest bidder for 2 land parcels with a total combined bid value of Rs 842 crore, according to the e-tendering portal of SBI.

The authority would issue the allotment letters after following the due process.

Spread over 9.5 acres in Sector Sigma - III and 8 acres in Sector 12, the land parcels are strategically located in one of the most prime locations in Greater Noida.

The land parcels together will offer a development potential of around 3.75 million square feet.

“We have witnessed strong demand for our projects in NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these 2 new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market," MD & CEO Gaurav Pandey said.

Godrej Properties is one of the leading real estate developers in the country. The company has significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

The company was the largest listed real estate firm during the last fiscal in terms of sales bookings. It sold properties worth over Rs 22,500 crore in 2023-24.