Godrej Properties Ltd (GPL) has secured two prime land parcels in Greater Noida through an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA). The total bid value for these parcels is ₹842 crore, according to the e-tendering portal of SBI (State Bank of India).
The two land parcels, located in Sector Sigma-III (9.5 acres) and Sector 12 (8 acres), together offer a development potential of approximately 3.75 million square feet. This development is expected to generate revenue exceeding ₹5,000 crore through premium residential apartments.
In a statement released on 9 August 2024, Godrej Properties highlighted the strategic significance of the land locations, citing Greater Noida’s well-planned infrastructure, wide roads, and excellent connectivity to both Delhi and Noida, as well as the upcoming Jewar Airport. These factors make Greater Noida a sought-after destination for quality living.
The GNIDA will issue allotment letters following due process, as confirmed by the company. Godrej Properties’ shares reacted positively to the news, trading 2.23% higher at ₹2,940.40 apiece as of 1 pm on August 9.
This acquisition builds on GPL’s recent successes in the National Capital Region (NCR). In FY23, GPL acquired two land parcels in Sector 146, Noida, and launched the Godrej Tropical Isle project with a booking value of over ₹2,050 crore. Following this, the Godrej Jardinia project was launched within three quarters and sold out at launch, amassing a booking value of ₹2,375 crore. Together, these projects have contributed to sales exceeding ₹4,400 crore.
Gaurav Pandey, MD and CEO of Godrej Properties, expressed confidence in the new acquisitions, stating, “We have witnessed strong demand for our projects in the NCR market, demonstrating the huge trust and confidence our customers have in us. I am confident that these two new acquisitions will further strengthen our development portfolio in NCR and meet the strong demand for our products in this market.”
Godrej Properties has a strong presence across key markets, including the NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company has established itself as a leading player in the real estate sector, with sales bookings surpassing ₹22,000 crore in the previous financial year.