Construction Industry News
Godrej Properties has emerged as the highest bidder and secured a Letter of Intent to develop two collective housing plots in prime locations in Gurugram through an e-auction conducted by Haryana Shehri Vikas Pradhikaran (HSVP). The combined bid for both the plots is worth Rs 515 crore.
The 3.6-acre plot is located in the Golf Course Road micro market, while the 1.97-acre plot is strategically located in Sector 39, near NH 48. Together, the plots will offer a development potential of over 1 million sq ft and an estimated revenue potential of over Rs 3,400 crore comprising of premium residential apartments of various configurations. With their well-planned infrastructure and proximity to prominent landmarks, both the micro markets offer residents a quality lifestyle and convenient connectivity.
In FY24, GPL acquired two prime plots of 5.15 acres and 2.76 acres in HSVP’s Golf Course Road micro market at auction and plans to launch both projects in FY25. GPL also won two auctions for two plots in Greater Noida in the current quarter, which along with these new additions in Gurugram, has enabled GPL to significantly strengthen its NCR portfolio comprising of 4 projects with a total estimated revenue of over $1 billion.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market, which is indicative of the immense trust that customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR and meet the strong demand for our products in this market. Our goal will be to build exceptional residential communities that generate long-term value for their residents.”
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