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Godrej Properties Limited paid Rs. 377 crores to the local authority for two land parcels for a residential project in Noida. Godrej emerged as the highest bidder for both plots after the authority received five bids.
“The Noida authority will earn Rs 377 crore from the auction, which will attract Rs 2,000 crore in investment,” the Noida authority said in a statement.
The acquired plot is 25,000 square metres in size, and the other shortlisted bidders, DLF and Golf Green Mansions, did not participate in the auction.
Each plot was priced at a minimum of Rs. 188 crores as the developer must pay the full amount within three months. Godrej Properties has recently agreed to purchase a 50-acre land parcel in Manor, Palghar, outright.
In addition, the company purchased a 7-acre land parcel near Indiranagar in Bengaluru. This project has a developable potential of approximately 0.6 million square feet of saleable area. It could have a booking value of around Rs 750 crore.
Godrej Properties had also purchased a 0.5-acre plot of land from the Karam Chand Thapar (KCT) group in order to build a luxury project near Carmichael Road in Mumbai. This project has a potential booking value of approximately Rs 1,200 crore.
Godrej Properties Will Build A Residential Housing Project In Sector 146 of Noida
“We have seen strong demand for our existing projects in Noida, and these projects will further strengthen our development portfolio in the NCR,” said Mohit Malhotra, MD & CEO of Godrej Properties (National Capital Region). This is consistent with our strategy of expanding our presence in key micro markets throughout India’s major cities.
Last week, the real estate conglomerate reported a net profit of Rs 54.96 crore for the September quarter, up 53.86% from Rs 35.72 crore in September 2021.
In September 2022, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is Rs. 136.71 crore, a decrease of 8.08% from Rs. 148.73 crore in September 2021.
Godrej’s earnings per share (EPS) increased from Rs. 1.28 in September 2021 to Rs. 1.98 in September 2022.