Godrej Properties is the top bidder for a luxury group home property in Gurugram.
By Bricksnwall | 2024-10-25
The luxurious group home plot in Gurugram has a
revenue potential of above ₹5,500 crore. This is the eleventh new project that
GPL has acquired in FY25.
On October 25, Godrej Properties Ltd (GPL) stated
that it was the highest bidder and had received the Letter of Intent to develop
a group home plot on the golf course Road in Gurugram through an e-auction
conducted by the Haryana Shehri Vikas Pradhikaran (HSVP), according to a
regulatory filing.
The 7.5-acre land at Golf Course Road micro-market
has the capacity to develop over 1.7 million square feet of luxury residential
apartments in various configurations, with a revenue potential of over ₹5,500
crore.
In FY24, GPL purchased two prime parcels measuring 5.15 acres and 2.76 acres in the Golf Course Road micro-market from HSVP via auction and intends to launch both projects in the current fiscal year. The anticipated revenue potential of GPL's developable land on Golf Course Road in Gurgaon is more than $1.5 billion.
GPL's eleventh new project purchased in fiscal year 25
GPL has purchased 11 additional projects in FY25,
bringing the total booking value to ₹22,950 crore, exceeding its full-year
business development target of ₹20,000 crore, according to a company release.
"We have experienced a tremendous demand for our projects in the NCR region, demonstrating our customers' unwavering faith in us. I am confident that this new acquisition will help us expand our development portfolio in NCR while also satisfying the high demand for our products in this region. "We will strive to create outstanding residential communities that provide long-term value to their residents," said Gaurav Pandey, Godrej Properties' MD and CEO.
Source: Hindustan Times
