Godrej Properties buys 6.46 acre land in Noida for Rs 506 crore; to build Rs 3,000 crore-housing project

Realty firm Godrej Properties Ltd has bought 6.46-acre land in Noida for around Rs 500 crore to develop a housing project with an estimated revenue of Rs 3,000 crore, as part of its expansion plan to tap rising demand. In a regulatory filing on Tuesday, the company informed it has been "declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA development authority." Spread over 6.46 acres, the land is located in Sector 44, Noida.

The company did not divulge the deal value, but sources said the company bought this land for Rs 506 crore.

"The land parcel will offer around 1.4 million (14 lakh) square feet of development potential and an estimated revenue potential of around Rs 3,000 crore," Godrej Properties said, adding that this will be the company's sixth project in Noida.

"We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our development portfolio in NCR (National Capital Region)," Gaurav Pandey, Managing Director and Chief Executive Officer of Godrej Properties, said.

Godrej Properties on Monday said it would develop a 62-acre township in Bengaluru with an estimated revenue potential of Rs 5,000 crore.

Spread across 62 acres, the township project will offer around 5.6 million (56 lakh) square feet of saleable area comprising primarily premium residential apartments.

Godrej Properties, which is part of the business conglomerate Godrej Group, has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune. It has recently made a foray into the Hyderabad market.

On an operational front, Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance of Rs 14,000 crore on strong demand for its residential projects.

The real estate arm of Godrej Group sold properties worth Rs 12,232 crore in 2022-23.

In an interview with PTI last month, Godrej Properties Executive Chairperson Pirojsha Godrej said the company was hopeful of selling properties of more than Rs 5,000 crore during the January-March period of this fiscal year, repeating the performance of the previous two quarters.

Driven by robust housing demand, Godrej Properties' sale bookings rose 59 per cent during the April-December period of this fiscal to Rs 13,008 crore as against Rs 8,181 crore in the year-ago period.

On the financial front, Godrej Properties reported an 11 per cent increase in consolidated net profit at Rs 62.72 crore for the December quarter. Total income rose to Rs 548.31 crore in the quarter from Rs 404.58 crore in the year-ago period.