Godrej Properties wins Gurugram luxury projects, sees $380 mn in revenue

Indian real estate developer Godrej Properties on Thursday said it would develop two luxury housing plots with a combined revenue potential of Rs 3,100 crore ($380 million) in Gurugram - a satellite city adjoining the national capital.

Godrej said it was declared the highest bidder in an e-auction for the two plots, spanning 2.76 acres and 5.15 acres, in Gurugram's upmarket area around Golf Course Road.

The deal comes amid a boom for luxury housing in India, with home buyers preferring spacious apartments with amenities like concierge services and spas.

A record 65,700 luxury housing units were sold in 2022, data from real estate consultancy Anarock showed, boosted by rising disposable incomes and a surge in demand after the Covid-19 pandemic.

Gurugram's Golf Course Road micro-market is home to multiple projects of larger rival DLF. In March, DLF sold out its luxury residential project in the city in just 72 hours, generating more than Rs 8,000 crore in sales.

Godrej also has a luxury project in New Delhi's central premier shopping district, offering apartments for $2 million-$3.3 million.

($1 = 82.0130 Indian rupees)