Godrej Properties emerges as highest bidder for two plots in Navi Mumbai

Spread over nearly 1.5 acres, this project will offer approximately 400,000 square feet of development potential

Godrej Properties (GPL) has emerged as the highest bidder in the e-auctioning process conducted by city planning agency City and Industrial Development Corporation (CIDCO), with the total bidding value of Rs 166 crore for the two adjacent plots in Sanpada area of Navi Mumbai.
 
Spread over Rs  1.5 acres, this project will offer Rs  400,000 square feet of development potential comprising primarily of premium residential apar­tments of varied configurations with a small amount of high street retail at the base of the development, the company said on Monday.
 
GPL has been buying land parcels to take advantage of distressed valuations in property markets. GPL is looki­ng to raise Rs 3,750 crore through qualified institutional place­ment of shares to buy land parcels.
 
In the last quarter, the company bought two different land parcels in Bangalore with a combined development potential of about 4 million square feet. “Though land prices have not fallen much compared to previous quarters, it makes sense to buy land parcels now,” Pirojsha Godrej, chairman of the company said ina recent interview. GPL raised Rs 2,100 crore in 2019 thro­ugh QIP of shares, and Rs 1,000 crore thr­o­ugh issuance of non-conv­ertible debentures last year for buying land.