Godrej Properties has successfully bid for a 7.5-acre plot in Gurugram on Golf Course Road, where it plans to develop a luxury housing project anticipated to generate revenues exceeding ₹5,500 crore.
In a regulatory announcement made on Friday, the firm revealed it had emerged as the highest bidder for this prestigious site during an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The company has since received a letter of intent to develop the group housing project.
The newly acquired plot holds significant development potential, spanning over 1.7 million square feet, which will include luxury residential apartments of various configurations.
This acquisition marks the 11th new land parcel secured by Godrej Properties during the current fiscal year. The cumulative projects from these acquisitions are projected to generate total revenues of ₹22,950 crore. The company had previously indicated a strategy to add multiple land parcels this fiscal year, targeting a total revenue potential of ₹20,000 crore.
In the previous fiscal year, Godrej Properties also acquired two prime plots measuring 5.15 acres and 2.76 acres in the Golf Course Road micro-market, also through HSVP auctions. Both projects are slated for launch within the current financial year. The estimated revenue potential from developable land in this area is now reported to exceed USD 1.5 billion.
Gaurav Pandey, Managing Director and CEO of Godrej Properties, commented on the strong demand for their projects in the National Capital Region, stating, “This reflects the immense trust and confidence our customers have placed in us.”
Earlier this week, Godrej Properties reported a remarkable five-fold increase in its consolidated net profit, reaching ₹335.21 crore for the quarter ending September, a significant rise from ₹66.80 crore in the same period last year. Total income more than doubled, soaring to ₹1,346.54 crore in the second quarter, compared to ₹605.11 crore in the previous year.
Sales bookings for the company surged by 89 percent, exceeding ₹13,800 crore during the April-September period of this fiscal year. Looking ahead, Godrej Properties has set an ambitious target of achieving sales bookings worth ₹27,500 crore for the 2024-25 financial year, up from ₹22,527 crore in the preceding year.
Godrej Properties continues to affirm its position as one of India’s leading real estate developers, committed to delivering high-quality residential projects.
