Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram, the company said.
The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately Rs 3,100 crore.
The average rate for plot in this market is around Rs 100 crore per acre.
The Haryana Shehri Vikas Pradhikaran (HSVP) has been conducted auction for prime land and earlier Experion Developers had also acquired a land parcel in this micro market.
Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments, making it an attractive destination for real estate development.
“Our foray into the prime Golf Course Road micro-market with two luxury residential projects marks a significant milestone for Godrej Properties. It aligns well with our expansion strategy and will further solidify our position as a leading real estate developer in NCR,” said Gaurav Pandey, MD & CEO, Godrej Properties.
Godrej properties have done multiple acquisitions in and around NCR post covid.
Most recently, it acquired a land in Gurugram, Haryana through an outright purchase.
This project will offer approximately 1.6 million square feet of premium residential development with an estimated revenue potential of approximately Rs 2,500 crore.
It also acquired around 62 acres of land in Kurukshetra, Haryana, to develop 1.4 million sq ft of plotted residential development.
It recently entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana, with an estimated revenue potential of Rs 3,000 crore.
Godrej Properties has recently acquired two land parcels for a residential project in Noida from the local authority through an auction for Rs 377 crore, as it continues its aggressive expansion in the NCR.
Godrej Properties also recently signed a contract to buy a 50-acre piece of land in Manor, Palghar, outright.
The company also acquired an approximately 7-acre land parcel in the vicinity of Indiranagar, Bengaluru.
Godrej Properties also acquired a half-acre land parcel from the Karam Chand Thapar (KCT) group to develop a luxury project near Carmichael Road, Mumbai. This project has an estimated booking value potential of Rs 1,200 crore.
Source : ET