At Rs 515 cr, Godrej Properties highest bidder for 2 luxury Gurugram plots

The land parcels measuring approximately 3.6 acres, and 2 acres will have a combined revenue potential in excess of Rs 3,400 crore

Godrej Properties(GPL), a leading real estate developer, has emerged as the highest bidder in an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP) to secure two prime land parcels in Gurugram. The combined bid value for both the plots is Rs 515 crore.

Details of the Acquisition:

• Combined Bid Value: The total bid value for both plots is Rs 515 crore.
• Location: One plot is located in the prestigious Golf Course Road micro-market, measuring 3.6 acres. The other plot, measuring 1.97 acres, is strategically located in Sector 39 with proximity to NH 48.
• Development Potential: Together, the land parcels offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore.
• Residential Projects: GPL plans to develop luxury residential apartments of varied configurations on these plots.

Strengthening NCR Portfolio:

• In FY24, GPL bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and plans to launch both these projects in FY 25.
• In FY24, the company also won auctions for two land parcels in Greater Noida. 
• With these new additions, GPL now has a strong portfolio of four projects in NCR with an estimated revenue potential exceeding $ 1 billion.

 “We have witnessed strong demand for our projects in NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents," said Gaurav Pandey, MD & CEO, Godrej Properties.

Properties worth approximately Rs 35,000 crore were sold together by major listed real estate developers during the April-June quarter of the financial year 2024-25, and Godrej Properties reported highest sale bookings followed by DLF.

Data from regulatory filings show Godrej Properties witnessed pre-sales of Rs 8,637 crore in the April-June quarter while Delhi NCR-based DLF Ltd reported more than three-fold jump in its sale bookings at Rs 6,404 crore during the same period.

The growth  was mainly driven by luxury housing. 

Earlier this year, Godrej Properties sold over 1,050 homes worth over Rs 3,000 crore within three days of launch of its  project at Gurugram, in Haryana. The project 'Godrej Zenith' is located in Sector 89, Gurugram. This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in 2023-24 fiscal.

The company sold inventory worth Rs 2,690 crore in its project, Godrej Reserve, located in Kandivali, Mumbai in Q4 FY24.

It also sold inventory worth over Rs 2,875 crore in its project, Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram, and achieved sales worth over Rs 2,000 crore in its project, Godrej Tropical Isle in Noida in Q2 FY24.