Godrej Properties and Hero Realty are in talks to sell a 14-acre land piece in Gurugram worth roughly Rs 730 crore.
The Mumbai-based real estate firm purchased the land in Sector 89 from a local land-aggregating company almost two years before.
“The sale of the land is surprising given that Godrej purchased it less than two years ago.” “The deal is at a very advanced stage, and both partners have jointly agreed on the transaction,” said two people familiar with the deal
The Godrej Properties has a strong foothold in Gurugram was scheduled to construct one of its largest residential developments in the city, significantly strengthening its position in the city.
Godrej Properties has received the licence agreement from the Haryana government town and country planning department to develop a mixed-use development with a 5% commercial component in Sector 89 Gurugram Manesar urban complex.
Hero Realty, which is supported by Hero Enterprise, has several projects in Gurugram, including the recent purchase of a 5 acres of land for Rs 90 crore to construct a planned residential project.
They plan to launch real estate projects totalling around 4 million square feet in the current fiscal year, with a revenue potential of Rs 3,500 crore.
Godrej Properties has been actively acquiring land in major residential hubs to fulfil increasing housing demand, therefore this transaction is initiated. Microtek Infratech recently sold them 15 acres of property in Sector 103 Gurugram for Rs 403 crore.
Godrej Properties aggressively bought 18 new land with a post-development sales potential of Rs 32,000 crore in 2022. They also purchased huge amounts of land in Noida and Mumbai.
Godrej made an outright purchase of nine acres of land in Gurugram for a high-end residential project in December 2022. It also paid Rs 750 crore for an 18-acre property plot in Kandivali, Mumbai, to create a premium housing project.
Source-ET
