Godrej Properties Wins Big in Greater Noida with Rs 842 Crore Bid for Housing Plots
Godrej Properties has emerged as the highest bidder for two residential group housing plots in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA). The combined bid value for the land parcels stands at Rs 842 crore.
Details of the Land Parcels
The land parcels are located in Sector Sigma-III and Sector 12 of Greater Noida, spanning approximately 9.5 acres and 8 acres respectively. The project is expected to generate an estimated revenue of over Rs 5,000 crore and will feature residential apartments of various configurations.
Previous Successes
In the fiscal year 2023, Godrej Properties acquired two prime parcels of 6.2 acres each in Sector 146, Noida. The first project, Godrej Tropical Isle, achieved a booking value of over Rs 2,050 crore. The second project, Godrej Jardinia, was sold out at launch with a booking value of INR 2,375 crore. Combined, these projects generated sales of approximately Rs 4,400 crore across three quarters.
CEO’s Statement
Gaurav Pandey, Managing Director & CEO of Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market, demonstrating the huge trust and confidence our customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to the strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for their residents.”
Market Impact
The shares of Godrej Properties surged more than 2 per cent to Rs 2955 on the National Stock Exchange.
Doubts Revealed
Godrej Properties -: Godrej Properties is a company in India that builds homes and offices. They are part of the larger Godrej Group, which makes many different products.
Greater Noida -: Greater Noida is a city near New Delhi, the capital of India. It is known for its planned infrastructure and is a hub for many new housing projects.
Rs 842 crore -: Rs 842 crore means 842 crores of Indian Rupees. One crore is equal to 10 million, so 842 crore is a very large amount of money.
Sector Sigma-III and Sector 12 -: These are specific areas or neighborhoods within Greater Noida where the new housing plots are located.
Revenue -: Revenue is the total amount of money a company makes from its business activities, like selling homes or services.
CEO Gaurav Pandey -: Gaurav Pandey is the Chief Executive Officer (CEO) of Godrej Properties. The CEO is the person who makes important decisions for the company.
National Stock Exchange -: The National Stock Exchange (NSE) is a place where people can buy and sell shares of companies in India. Shares are small parts of a company that people can own.
