The Mumbai-based real estate company bought the land in Sector 89 around two years ago from a local land-aggregating company.
“The sale of the land is surprising, as it was purchased less than 2 years ago by Godrej. The deal is at a very advanced stage, and both partners have also mutually agreed on the transaction,” said two people aware of the deal.
“The asking price on FSI is Rs 3360 for 2.1 million sq. ft., and the floor area ratio (FAR) available is 3.5 on the land,” mentioned one of the sources.
The Mumbai-based firm that has a strong presence in Gurugram was expected to build one of its largest residential developments in Gurugram, which would have significantly strengthened its presence in the city.
“Godrej Properties has received the licence agreement from the Haryana government town and country planning department to develop a mixed-use development with a 5% commercial component in Sector-89 Gurugram Manesar urban complex,” mentioned the government document dated July 2023.
Both companies, Godrej Properties and Hero Realty, did not respond to queries from ET.
Hero Realty, backed by Sunil Kant Munjal’s Hero Enterprise, has various projects in Gurugram and recently purchased a 5-acre plot of land for Rs 90 crore to develop a plotted residential project.
They intend to launch real estate projects spanning around 4 million square feet in the current financial year, with an estimated revenue potential of Rs 3,500 crore.
This sale is unexpected, as Godrej Properties has been actively acquiring land in major residential hubs to meet strong housing demand. They recently purchased 15 acres of land in Sector 103 of Gurugram from Microtek Infratech for Rs 403 crore.
In the last fiscal year, Godrej Properties aggressively acquired 18 new land parcels with a sales potential of Rs 32,000 crore post-development. They also made significant land acquisitions in Noida and Mumbai.
In November, the firm picked up two adjacent land parcels measuring 12.4 acres in Noida for Rs 377 crore in an auction by the Noida Authority.
Following this, Godrej made an outright purchase of nine acres of land in Gurugram in December 2022 for a high-end residential project. It also acquired an 18-acre land parcel in Kandivali, Mumbai, for Rs 750 crore to develop a luxury housing project.
Godrej Properties achieved a 56% increase in sale bookings last fiscal year, reaching an all-time high of Rs 12,232 crore, with a bookings target of Rs 14,000 crore in FY24.
Source : ET