Godrej Properties highest bidder for land parcel in Noida with revenue potential of ₹3000 crore

Spread over around 6.46 acres, the land parcel in Noida will offer around 1.4 million sq ft of development potential, Godrej Properties said

Listed real estate developer Godrej Properties has won the bid for a 6.45-acre group housing plot in Noida that will have a total estimated revenue potential of around ₹3,000 crore, the company said in a regulatory filing.

Listed real estate developer Godrej Properties has won the bid for a 6.45-acre group housing plot in Noida that will have a total estimated revenue potential of around ₹3,000 crore. (Picture for representational purposes only)(Photo by Pixabay)

Spread over around 6.46 acres, the land is strategically located in Sector 44, one of the most prime locations in Noida. The land parcel will offer around 1.4 million square feet of development potential and an estimated revenue potential of ₹3,000 crore comprising premium residential apartments of varied configurations, the company said.

The company said that it has been declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.

This will be the sixth project of Godrej Properties in Noida. With its well-planned infrastructure, wide roads, and proximity to Delhi, Noida offers a high-quality lifestyle and good connectivity, the company said.

Gaurav Pandey, MD and CEO, Godrej Properties, said, “We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India's leading cities. We will aim to build an outstanding residential community that creates long-term value for its residents.”

On the financial front, Godrej Properties reported an 11 per cent increase in consolidated net profit at ₹62.72 crore for the December quarter. Total income rose to ₹548.31 crore in the quarter from ₹404.58 crore in the year-ago period.