Godrej Properties’ mega land deal in Gurugram promises Rs 3,400cr revenue potential

In a major development for India’s real estate sector, Godrej Properties Ltd. (BSE: GODREJPROP) has emerged as the highest bidder for two prestigious group housing plots in Gurugram. The company has secured the Letter of Intent from Haryana Shehri Vikas Pradhikaran (HSVP) for these high-value properties through a competitive e-auction. The combined bid value for the two plots amounts to INR 515 crore, reflecting Godrej Properties’ aggressive expansion strategy in the National Capital Region (NCR).

The larger parcel, spanning approximately 3.6 acres, is situated in the upscale Golf Course Road micro-market, while the smaller 1.97-acre plot is located in Sector 39, conveniently close to NH 48. Together, these plots present a significant development opportunity with an estimated total development potential exceeding 1 million square feet. The projected revenue from these luxury residential projects is expected to surpass INR 3,400 crore, underscoring the high-value nature of the investment.

Both locations offer a blend of luxury and strategic positioning. The Golf Course Road area is renowned for its affluent residential community and premium amenities, while Sector 39’s proximity to NH 48 ensures excellent connectivity and accessibility. The development of these sites is poised to enhance the living standards of residents by providing high-quality infrastructure and convenient access to major landmarks.

In FY24, Godrej Properties had previously acquired two notable plots—5.15 acres and 2.76 acres—in the Golf Course Road area through HSVP auctions. The company plans to launch these projects in FY25. Additionally, Godrej Properties has recently won bids for two land parcels in Greater Noida, further strengthening its NCR portfolio. With these latest acquisitions, the company now holds four major projects in the NCR region, collectively boasting a revenue potential exceeding USD 1 billion.

Gaurav Pandey, Managing Director and CEO of Godrej Properties, expressed confidence in the company’s strategic acquisitions. “We have witnessed strong demand for our projects in the NCR market, reflecting the trust and confidence our customers place in us. These two new acquisitions will significantly bolster our development portfolio in the NCR, meeting the robust demand for premium residential properties. We are committed to creating exceptional residential communities that offer long-term value for our residents,” said Pandey.