 "Pirojsha Godrej, chairman of Godrej Properties,")
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.
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.
