Godrej Properties Acquires Prime Land Parcels in Gurugram for ₹515 Crore

Godrej Properties Ltd. (GPL) has secured two prime luxury group housing plots in Gurugram with a successful bid totaling ₹515 crore. The company received a Letter of Intent from the Haryana Shehri Vikas Pradhikaran (HSVP) for the acquisition of these plots, which span 3.6 acres and 1.97 acres.

The larger plot is situated in the upscale Golf Course Road area, while the smaller plot is located in Sector 39, adjacent to NH 48. Together, these plots offer the potential for over 1 million square feet of development, with an estimated revenue opportunity exceeding ₹3,400 crore. The planned development will include luxury residential apartments in various configurations.

In the fiscal year 2024, Godrej Properties also acquired two additional land parcels in the Golf Course Road area and plans to launch projects on these sites in FY25. This latest acquisition, along with recent land purchases in Greater Noida, significantly expands GPL’s footprint in the National Capital Region (NCR), contributing to an estimated total revenue potential of over $1 billion.

Gaurav Pandey, MD & CEO of Godrej Properties, stated, “The strong demand for our projects in the NCR market reflects the trust and confidence our customers have in us. These new acquisitions will further enhance our development portfolio in the NCR and address the growing demand for our offerings. We are committed to building exceptional residential communities that deliver long-term value for our residents.”

HBL