Godrej Properties buys 15-acre land for Rs 403 crore in Gurugram from Microtek

Godrej Properties buys 15-acre land for Rs 403 crore in Gurugram from Microtek

The company paid Rs 28.21 crore in stamp duty for the transaction.

Listed real estate developer Godrej Properties has bought about 15 acres of land in Sector 103 of Gurugram for an agreement value of Rs 403 crore from Microtek Infratech, documents accessed by CRE Matrix, a real estate data analytics firm, showed.

The sale deed was executed in the name of Godrej Vestmark LLP on June 22, 2023. The company has paid a stamp duty of Rs 28.21 crore for the transaction, the documents showed.

There was no immediate response from Godrej and Microtek on the development.

The land parcel measuring 14.8 acres is situated near Daulatabad village in Sector 103 of Gurugram

Godrej, the Mumbai-based real estate company, said in a filing to the stock exchanges on September 22 that the land had been acquired through an outright purchase. However, the company has not mentioned the revenue potential from the project that would come up on the newly acquired land.

In November 2022, the company said that it had bought two adjacent land parcels, measuring 12.4 acres, in Noida for Rs 377 crore. This purchase was done through an auction by the Noida Authority. Godrej will develop residential group housing on the land parcels located in Noida’s Sector 146.

Earlier, Godrej had acquired nine acres of land in Gurugram in December 2022 through an outright purchase for a premium residential project. Godrej Properties is also developing luxury homes with Rs 3,100 crore revenue potential at Golf Course Road in Gurugram.

Godrej Properties, an arm of business conglomerate Godrej Group, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune for the development of residential projects.

Source : Money Control

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