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Godrej Properties has been declared the highest bidder for two housing projects in Gurugram, spread over an area of around 8 acres and with an estimated revenue potential of ₹3,100 crore.
The company had participated in an e-auction conducted by the Haryana Shehri Vikas Adhikaran for the development of two group housing plots. The land parcels are located in the Golf Course Road micromarket which is known for its upscale residential buildings and office complexes.
“Our foray into the prime Golf Course Road micro-market with two luxury residential projects marks a significant milestone for Godrej Properties. It aligns well with our expansion strategy and will further solidify our position as a leading real estate developer in NCR (National Capital Region),” said Gaurav Pandey, MD & CEO, Godrej Properties.
On buying spree
The Mumbai-based real estate developer has been in a furious acquisition mode over the last three years, acquiring both lands as well as entering into joint development projects. More recently it has concentrated only on land acquisitions, accelerating them since March 2022.
In FY21, it added projects with a saleable area of 7.4 million square feet (msf) and a development potential of ₹5,500 crore. In FY22 it added projects with a saleable area of 9.7 msf and a revenue potential of ₹9,100 crore and in FY23 it added projects with a saleable area of 29 msf and a development potential of ₹32,300 crore. In FY24 so far it has added projects with a saleable area of 4.1 msf and a development potential of ₹5,000 crore. From FY21 to the first quarter of FY24 the company has added projects worth ₹52,000 crore according to Jefferies.
While bulk of the projects are in the Mumbai Metropolitan Region, other markets such as the National Capital Region and Bengaluru have also seen significant additions.
The company ended FY23 with pre-sales of over ₹12,000 crore and expects bookings worth ₹14,000 crore in FY24.
The stock has appreciated 26.4 per cent over the last 90-day period keeping pace with the Nifty Realty index.
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