Godrej Properties Ltd., the Mumbai-based real estate developer has been declared as the highest bidder for a land parcel in Sector 44, Noida, it said in an exchange filing. It has also secured the allotment letter to develop a prime land parcel.
The bid was won through an e-auction conducted by the NOIDA authority.
Godrej Properties said that the land parcel will offer nearly 1.4 million square feet of development potential and an estimated potential of ₹3,000 crore, which is on the basis of current business assumptions. The land will see development of premium residential apartments of varied configurations.
This will be the sixth project for the company in Noida.
"We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our development portfolio in NCR (National Capital Region)," said Gaurav Pandey, the company's CEO.
The land parcel in Sector 44 is spread over 6.46 acres and has a prime location in Noida.
On Monday, the company had entered into a definitive agreement to develop a large township in Bengaluru on a profit sharing basis.
Based on current business assumptions, the project is said to offer an estimated booking value of nearly ₹5,000 crore.
Last year, the company sold over 600 homes in its new project in Gurugram worth over ₹2,600 crore. This turned out to be the most successful launch ever for the company in terms of the value of sales achieved.
Shares of Godrej Properties ended 2.1% higher on Monday at ₹2,492.40. The stock has risen 113% over the last 12 months.
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