Godrej Properties buys 7.5-acre land in Gurugram to build Rs 5,500-crore housing project

NEW DELHI: Realty firm Godrej Properties has won a bid to acquire 7.5-acre land in Gurugram to develop a luxury housing project with a revenue potential of more than Rs 5,500 crore.

In a regulatory filing on Friday, Godrej Properties said it has  emerged as the “highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential in excess of Rs 5,500 crore.”

The company has secured the Letter of Intent to develop a group housing plot at Golf Course Road through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

The plot, measuring 7.5-acre, has a development potential of over 1.7 million square feet, comprising luxury residential apartments of varied configurations.

Godrej Properties has acquired 11 new land parcels so far this fiscal. These projects are estimated to generate a total revenue of Rs 22,950 crore.

The company had given guidance that it would add various land parcels this fiscal, with a total revenue potential of Rs 20,000 crore.

In the last fiscal, Godrej Properties acquired two prime parcels measuring 5.15-acre and 2.76-acre in the Golf Course Road micro-market from HSVP through auction and plans to launch both these projects in the current financial year.

The estimated revenue potential of its developable land on Golf Course Road in Gurgaon is in excess of USD 1.5 billion.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence, which our customers have placed in us.”

Earlier this week, Godrej Properties reported a five-fold jump in its consolidated net profit to Rs 335.21 crore for the quarter ended September on higher income.