Godrej Properties announced that it had placed the highest bid of Rs 377 crore for two adjacent Noida land parcels.
The land parcels span 12.4 acres and are situated in Sector146, Noida.
In Mundhwa-East, Pune, Godrej Properties announced the purchase of a 12-acre land parcel. The project is expected to have a developable potential of roughly 2.2 million sq ft and an estimated revenue potential of over ₹2,000 crores. The development on this land will primarily be for a premium group housing project.
“GPL will develop residential group housing on the land parcels located in Sector 146, Noida. Spread over 12.4 acres, the land parcels will offer approximately 3.2 million square feet of development potential comprising primarily premium residential apartments of varied configurations,” Godrej Properties said in its regulatory filing.
“We have witnessed strong demand for our existing projects in Noida, and these projects will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India’s leading cities,” said Mohit Malhotra, MD & CEO of Godrej Properties.
Godrej Properties’ consolidated net profit increased by 53.82% to ₹54.96 crores in the September quarter from ₹35.72 crores in the comparable quarter last year.
In Q2 FY23 over Q2 FY22, the company’s revenue from operations increased by 27.66% to ₹165.09 crore.