Godrej Properties Ltd (GPL) announced that it has emerged as the highest bidder for two land parcels in Greater Noida, totalling approximately 17.5 acres, with a combined bid value of ₹842 crore. The e-auction was conducted by the Greater Noida Industrial Development Authority (GNIDA) on Thursday.
The shares of Godrej Properties Ltd (GPL) were trading at ₹2,951, up by 74.80 points (2.60 per cent) on NSE before noon on Friday.
The parcels, located in Sector Sigma-III (~9.5 acres) and Sector 12 (~8 acres), offer a development potential of about 3.75 million square feet. GPL estimates the revenue potential to exceed ₹5,000 crore, based on current business assumptions.
The company plans to develop premium residential apartments of varied configurations on these plots. Greater Noida’s proximity to Delhi and Noida, as well as its connectivity to Jewar airport, make it an attractive location for real estate development.
Gaurav Pandey, MD & CEO of Godrej Properties said, “We have witnessed strong demand for our projects in NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these 2 new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”