Godrej Properties Acquires Land in Gurugram for Rs 5,500 Crore Project

New Delhi, Oct 25 (PTI) Realty firm Godrej Properties has won a bid to acquire 7.5-acre land in Gurugram to develop a luxury housing project with a revenue potential of more than Rs 5,500 crore.

In a regulatory filing on Friday, Godrej Properties said it has emerged as the "highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential in excess of Rs 5,500 crore."

The company has secured the Letter of Intent to develop a group housing plot at Golf Course Road through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

The plot, measuring 7.5-acre, has a development potential of over 1.7 million square feet, comprising luxury residential apartments of varied configurations.

Godrej Properties has acquired 11 new land parcels so far this fiscal.

These projects are estimated to generate a total revenue of Rs 22,950 crore.

The company had given guidance that it would add various land parcels this fiscal, with a total revenue potential of Rs 20,000 crore.

In the last fiscal, Godrej Properties acquired two prime parcels measuring 5.15-acre and 2.76-acre in the Golf Course Road micro-market from HSVP through auction and plans to launch both these projects in the current financial year.

The estimated revenue potential of its developable land on Golf Course Road in Gurgaon is in excess of USD 1.5 billion.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence, which our customers have placed in us."

Earlier this week, Godrej Properties reported a five-fold jump in its consolidated net profit to Rs 335.21 crore for the quarter ended September on higher income.

Its net profit stood at Rs 66.80 crore in the year-ago period.

Total income more than doubled to Rs 1,346.54 crore in the second quarter of this fiscal from Rs 605.11 crore in the corresponding period of the previous year.

Godrej Properties' sales booking increased 89 per cent to over Rs 13,800 crore during the April-September period of this fiscal.

The company has set a target of achieving Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year as against Rs 22,527 crore in the preceding year.

Godrej Properties is one of the leading real estate developers in the country.