New Delhi: Real estate company Godrej Properties has successfully secured a deal to purchase a 7.5-acre plot of land in Gurugram for developing a high-end residential project expected to generate revenue exceeding Rs 5,500 crore. In a filing with regulators on Friday, Godrej Properties announced that it has become the "top bidder for a high-end residential plot on Golf Course Road in Gurugram, with a revenue potential exceeding Rs 5,500 crore." The company has obtained the Letter of Intent to construct a residential complex at Golf Course Road by participating in an e-auction organized by the Haryana Shehri Vikas Pradhikaran (HSVP). The 7.5-acre plot can accommodate over 1.7 million square feet of luxury residential apartments in different layouts.
Godrej Properties has purchased 11 additional plots of land this fiscal year. These projects are expected to produce a combined income of Rs 22,950 crore. The company announced plans to acquire several land parcels this fiscal year, which could generate revenue of up to Rs 20,000 crore. During the previous financial year, Godrej Properties bought two valuable pieces of land, one measuring 5.15 acres and the other 2.76 acres, in the Golf Course Road area from HSVP through auction. The company intends to introduce both projects within the ongoing financial year. The potential revenue from the developable land on Golf Course Road in Gurgaon is estimated to be over USD 1.5 billion.
According to Gaurav Pandey, MD & CEO of Godrej Properties, there has been a significant demand for their projects in the NCR market, showing the considerable trust and confidence customers have in them.Earlier this week, Godrej Properties announced that its combined net profit for the quarter ending in September increased five times to Rs 335.21 crore due to higher revenue. The company's profit was Rs 66.80 crore in the same period last year. Revenue increased by over 100 pc to Rs 1,346.54 crore in Q2 of the current fiscal year, up from Rs 605.11 crore in the same period last year. During this fiscal's April-September period, Godrej Properties experienced an 89 per cent boost in sales booking, reaching over Rs 13,800 crore. The company aims to reach sales bookings worth Rs 27,500 crore in the 2024-25 fiscal year, compared to Rs 22,527 crore in the previous year. Godrej Properties ranks as one of the top real estate developers in the nation.
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