Godrej Properties wins a ₹515 crore bid for two prestigious residential plots in Gurugram, planning to develop luxury homes worth ₹3,400 crore. The acquisition strengthens their Delhi-NCR portfolio, contributing to an estimated revenue potential exceeding $1 billion.
In a significant move set to boost its presence in the Delhi-NCR real estate market, Godrej Properties, one of India's leading real estate developers, has successfully won the bid for two premium residential plots in Gurugram. The company announced on Monday that it had emerged as the highest bidder in an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP), securing a combined bid value of ₹515 crore for the plots.
Strategic Location and Development Potential:
The two land parcels are strategically located in key areas of Gurugram, which is known for its high-end real estate market. The first plot, measuring 3.6 acres, is situated in the prestigious Golf Course Road micro-market, an area synonymous with luxury living. The second plot, covering 1.97 acres, is located in Sector 39, offering proximity to NH 48, one of the region’s most vital transportation corridors.
Godrej Properties plans to leverage these locations by developing over 1 million square feet of luxury residential space. The projected revenue from these developments is expected to surpass ₹3,400 crore, with the projects offering a variety of luxury apartments designed to cater to the growing demand in Gurugram.
Strengthening the Delhi-NCR Portfolio:
These latest acquisitions are a part of Godrej Properties' broader strategy to enhance its foothold in the Delhi-NCR market. In the last fiscal year, the company had already acquired two other prime parcels in the Golf Course Road micro-market. These earlier purchases, measuring 5.15 acres and 2.76 acres respectively, were also secured through auctions conducted by the HSVP. Godrej Properties is set to launch projects on these plots within the current fiscal year.
Additionally, Godrej Properties has also secured two land parcels in Greater Noida this quarter, further expanding its reach within the NCR. With these four acquisitions in Gurugram and Greater Noida, the company’s portfolio in the region is expected to generate revenue in excess of $1 billion.
Market Leadership and Future Prospects:
Godrej Properties has consistently demonstrated strong performance in the real estate sector. The company became the largest player in India in terms of sales bookings in the last fiscal year, with properties worth ₹22,500 crore sold in 2023-24. For the current fiscal year, the company has set an ambitious target of ₹27,500 crore in sales bookings. Already, in the first quarter, Godrej Properties has sold properties worth ₹8,637 crore, retaining its position as the top player in the market.
Gaurav Pandey, MD & CEO of Godrej Properties, expressed confidence in the company’s continued success in the NCR market, stating, “We have witnessed strong demand for our projects in the NCR market, demonstrating the immense trust and confidence that our customers place in us. These two new acquisitions will further strengthen our development portfolio in the NCR and cater to the strong demand for our products in this market.
Future Focus: Expanding Across Major Markets:
Godrej Properties is not just focusing on the NCR market but is also expanding its presence across other major markets, including the Mumbai Metropolitan Region, Pune, Bengaluru, and Hyderabad. The company is also exploring plotted developments in smaller cities, aiming to cater to a broader segment of the Indian real estate market.
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