Godrej Properties emerges as the highest bidder for residential land parcel in Noida

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced its participation in an e-auction conducted by the New Okhla Industrial Development Authority (NOIDA) for residential group housing plots. GPL has emerged as the highest bidder for a 4.95-acre (20,050 sq. m.) residential land parcel in Sector 151, Noida, as reflected on the e-tendering portal of HDFC Bank. GPL acquired the land for INR 331.75 cr. Following the due process, NOIDA will issue the allotment letter.

Godrej Properties intends to develop a residential group housing project on the land parcel, projected to generate estimated revenues exceeding INR 2,000 crore. The development will feature premium residential apartments offered in diverse configurations.

The plot enjoys a strategic location in Sector 151, Noida, offering connectivity to the Noida-Greater Noida Expressway and convenient access to the Noida International Airport at Jewar. The surrounding neighbourhood benefits from robust infrastructure, including planned educational institutions and healthcare facilities. Earlier this month, GPL successfully acquired a 23.2-acre residential land parcel in Greater Noida, with an estimated revenue potential exceeding INR 7,000 crore.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are pleased to announce the addition of this new project in Noida to our portfolio. Building on the consistent demand witnessed for our existing developments in the region, we remain confident in the strength of this market. This project will further enhance our development portfolio in the National Capital Region and aligns seamlessly with our strategy of deepening our presence in key micro-markets across India's leading cities".

* On the basis of current business assumptions.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 1866.60 as compared to the previous close of Rs. 1830.50. The total number of shares traded during the day was 42572 in over 2859 trades.

The stock hit an intraday high of Rs. 1886.65 and intraday low of 1826.60. The net turnover during the day was Rs. 79497800.00.

Source : Equity Bulls

Keywords

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