Godrej Properties (GPL) has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana, the company said in a BSE filing.
The proposed development will comprise predominantly of premium residential apartments and will have an estimated revenue potential of approximately Rs 3,000 crore.
Gaurav Pandey, MD & CEO designate of the company said, “This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets.”
The company had recently acquired about 18.6-acre land parcel in Kandivali, Mumbai. This project has a developable potential of approximately 3.72 million sq ft with an estimated revenue potential of approximately Rs 7,000 crore.
In November 2022, it had been declared the highest bidder for two adjacent land parcels in Noida for a total bid value of Rs 377 crore, according to the e-tendering portal of SBI, which facilitated an e-auction on behalf of New Okhla Industrial Development Authority (NOIDA).
GPL will develop residential group housing on these land parcels located in Sector 146, Noida. Spread over 12.4 acres, the two adjacent land parcels will offer approximately 3.2 million sq ft of development potential.