Godrej Prop wins bid to acquire 2 plots in Gurugram; develop luxury homes with Rs 3,100 cr revenue potential

New Delhi: Realty firm Godrej Properties on Thursday said it has won a bid to acquire two plots totalling 8 acre in Gurugram to develop luxury housing projects with a potential sales revenue of Rs 3,100 crore.

In a regulatory filing, Godrej Properties said, "It has emerged as the highest bidder and secured the letter of intent to develop two group housing plots through an e-auction conducted by Haryana Shehri Vikash Pradhikaran (HSVP)".

These two plots are located on Golf Course Road micro market, and the company will develop luxury housing projects.

Godrej Properties did not disclose the total purchase amount for these two residential plots. "The two prime projects spread over 2.76 acres and 5.15 acres, respectively, would have a combined estimated revenue potential of about Rs 3,100 crore," it added.

In May, Godrej Properties Executive Chairman Pirojsha Godrej told PTI in an interview that the company will acquire multiple land parcels this fiscal having a sales revenue potential of around Rs 15,000 crore post-development.

Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with a sales potential of Rs 32,000 crore post-development.

During the last 2022-23 financial year, sales bookings rose 56 per cent to an all-time high of Rs 12,232 crore, and almost all were housing properties.

Godrej Properties, an arm of business conglomerate Godrej Group, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune for the development of residential projects.

During the 2022-23 fiscal, the company's net profit increased to Rs 571.39 crore from Rs 352.37 crore in the previous year.

The total income also grew to Rs 3,039 crore last fiscal from Rs 2,585.69 crore in 2021-22.