Godrej Properties, a renowned real estate developer, has won a bid to purchase 7.5 acres of land in Gurugram for the construction of a luxury home complex that may generate over Rs 5,500 crore in income.
Godrej Properties confirmed that it has become the “highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential in excess of Rs 5,500 crore.”
The Haryana Shehri Vikas Pradhikaran (HSVP) held an e-auction, and the company won the Letter of Intent to develop a group housing plot at Golf Course Road.
Godrej Properties Has Purchased Variety Of Land Parcels This Year
The 7.5-acre land could be developed into nearly 1.7 million square feet of luxury residential flats in a variety of layouts. So far this fiscal year, Godrej Properties has purchased eleven additional land properties.
An estimated Rs 22,950 crore will be made overall from these projects. With a potential revenue of Rs 20,000 crore, the company had stated that it will add a variety of land parcels this fiscal year.
Godrej Properties Owned 2 Land Parcels On Golf Course Road Gurgaon
Godrej Properties expects to start both of these projects in the current fiscal year after purchasing two prime parcels in the Golf Course Road micro-market, measuring 5.15 acres and 2.76 acres, from HSVP through auction in the previous fiscal year.
Its developable site on Gurgaon’s Golf Course Road is expected to have a revenue potential of more than USD 1.5 billion.
“We have seen strong demand for our projects in the NCR market, demonstrating the huge trust and confidence, which our customers have placed in us,” stated Gaurav Pandey, MD & CEO of Godrej Properties.
Godrej Properties Expecting Many New Launches In The Next Year
Due to increased revenue, Godrej Properties announced earlier this week that its consolidated net profit for the quarter ending in September had increased fivefold to Rs 335.21 crore.
In the previous year, its net profit was Rs 66.80 crore. In the second quarter of this fiscal year, total income more than quadrupled to Rs 1,346.54 crore from Rs 605.11 crore in the same period last year.
In contrast to the previous year’s sales bookings of Rs 22,527 crore, the corporation has set a goal of Rs 27,500 crore for the current 2024–25 fiscal year. Godrej Properties is one of the nation top real estate developers in terms of making luxury properties.
Source-ET
