Godrej Properties (GPL) has entered into an agreement for the development of 14.27 acres of land in Gurugram, Haryana, the company said in a BSE filing.
The proposed development, with a potential turnover of almost Rs 3,000 crore, will mostly consist of luxury residential apartments.
Gaurav Pandey, MD & CEO designate of the company, said, “This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets.”
In Kandivali, Mumbai, the company recently acquired a land parcel of about 18.6 acres. With an estimated revenue potential of almost Rs 7,000 crore, this project has a total developable area of about 3.72 million sq ft.
According to SBI’s e-tendering portal, which organised an e-auction on behalf of the New Okhla Industrial Development Authority (NOIDA), it had been declared the highest bidder in November 2022 for two adjacent Noida land parcels with a combined bid amount of Rs 377 crore.
GPL will use these land parcels in Noida’s Sector 146 to build residential group housing. The two adjacent land parcels total 12.4 acres and have a combined development potential of over 3.2 million sq ft.
