Godrej Properties Secures Prime Group Housing Plots in Gurugram with a Potential Revenue of ₹3,400 Crore

Godrej Properties has emerged as the highest bidder for two prime group housing plots in Gurugram, Haryana, further expanding its footprint in the National Capital Region (NCR). The company announced on Monday that it has secured the Letter of Intent to develop these plots through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The total bid value for the acquisition of these plots stands at ₹515 crore, according to a regulatory filing by the company.

Prime Locations and Strategic Acquisition

The two plots are strategically located in high-demand areas of Gurugram. The first plot, measuring 3.6 acres, is situated in the prestigious Golf Course Road micro-market, known for its luxurious residential and commercial developments. The second plot, covering 1.97 acres, is located in Sector 39, a well-connected area with close proximity to NH 48, one of the major highways in the region. These locations are known for their premium real estate value and are expected to attract high-end buyers looking for luxury living spaces.

Godrej Properties, known for its premium residential and commercial projects, plans to develop these plots into luxury residential apartments with varied configurations. The two land parcels are expected to offer a developmental potential of over 1 million square feet. With an estimated revenue potential of over ₹3,400 crore, this acquisition represents a significant boost to Godrej Properties' portfolio in the NCR region.

Strengthening the NCR Portfolio

This acquisition is part of Godrej Properties' broader strategy to strengthen its presence in the NCR, one of the most lucrative real estate markets in India. In the fiscal year 2023-24 (FY24), the company had already acquired two prime parcels of land in the Golf Course Road micro-market from HSVP through auctions. These parcels, measuring 5.15 acres and 2.76 acres respectively, are expected to be launched as residential projects in FY25.

Additionally, in the current quarter, Godrej Properties won auctions for two more land parcels in Greater Noida. Combined with the new acquisitions in Gurugram, the company has significantly enhanced its NCR portfolio with four projects, boasting a total estimated revenue potential exceeding $1 billion. This robust expansion underscores Godrej Properties' commitment to catering to the strong demand for luxury residential spaces in the NCR.

Market Demand and Future Prospects

Gaurav Pandey, Managing Director and CEO of Godrej Properties, highlighted the strong demand for their projects in the NCR market as a sign of customer trust. He believes that the two new acquisitions will enhance their development portfolio in the region and address the increasing demand for their offerings.

The NCR market, particularly Gurugram, has seen a resurgence in demand for high-end residential properties. Factors such as the region's rapid infrastructure development, connectivity improvements, and the growing preference for luxury living spaces have contributed to this trend. Godrej Properties' strategic acquisitions are well-timed to capitalize on this demand, positioning the company to deliver high-quality residential projects that meet the expectations of discerning buyers.

The acquisition of these two group housing plots in Gurugram represents a significant step in Godrej Properties' growth in the Indian real estate market. With a combined revenue potential of ₹3,400 crore, these projects are poised to drive the company's expansion in the NCR. Buyers and investors can expect a new range of luxury residential developments that reflect Godrej Properties' dedication to quality.