Godrej Properties Ltd on Tuesday announced that it has been declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the Noida Authority.
Spread over ~ 6.46 acres, the land is strategically located in Sector 44 in Noida. The land parcel will offer ~1.4 million square feet of development potential and an estimated revenue potential of ~Rs 3,000 crore comprising premium residential apartments of varied configurations. This will be the sixth project of Godrej Properties in Noida. With its well-planned infrastructure, wide roads, and proximity to Delhi, Noida offers a high-quality lifestyle and good connectivity.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “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). This fits well with our strategy of deepening our presence in key micro markets across India’s leading cities. We will aim to build an outstanding residential community that creates long-term value for its residents.”
Earlier in February, Godrej Properties had reported an 11 per cent increase in its consolidated net profit to Rs 62.72 crore for the December quarter, while sales bookings grew 76 per cent annually to Rs 5,720 crore during the period on better housing demand.
The realty firm’s net profit stood at Rs 56.40 crore in the year-ago period. Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the corresponding period of the previous year. Godrej Properties had also stated that its sales bookings grew by 76 per cent Year-on-Year (YoY) to Rs 5,720 crore in the October-December period.