Godrej Properties Ltd, a leading Indian real estate firm, has purchased a group housing residential land parcel in Noida, signaling its expansion strategy to cater to the surging demand in the housing sector. The company revealed that it acquired a 6.46-acre land in Sector 44, Noida, through an e-auction conducted by the NOIDA development authority, for an estimated Rs 500 crore.
In a regulatory filing on Tuesday, Godrej Properties announced that it emerged as the highest bidder and received the allotment letter for the prime land parcel. Although the company did not disclose the exact deal value, sources said the company paid around Rs 500 crore.
“The land parcel will offer around 1.4 million square feet of development potential and an estimated revenue potential of around Rs 3,000 crore,” Godrej Properties said in its filing. This acquisition marks the company’s sixth project in the Noida region, further solidifying its presence in the National Capital Region (NCR).
This strategic move aligns with Godrej Properties’ broader expansion plans. Just a day before securing the Noida land parcel, the company announced its intentions to develop a 62-acre township in Bengaluru with an estimated revenue potential of Rs 5,000 crore. The township project, spread across 62 acres, is projected to offer around 5.6 million square feet of saleable area, primarily comprising premium residential apartments.
Godrej Properties, a part of the renowned business conglomerate Godrej Group, maintains a significant presence in key real estate markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune. The company has also recently ventured into the Hyderabad market, indicating its commitment to broadening its footprint across India’s rapidly evolving real estate landscape.