Godrej Properties emerges as highest bidder for two land parcels in Greater Noida

In a filing to the stock exchange, the company said it emerged as the highest bidder in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for residential group housing plots.

The company will be awarded the allotment letter in the later stage of the process.

“Spread over 9.5 acres in Sector Sigma - III and 8 acres in Sector 12, the land parcels are strategically located in one of the most prime locations in Greater Noida. The land parcels together will offer a development potential of 3.75 million square feet and an estimated revenue potential of over ₹5,000 crore,” the filing added.

In FY23, Godrej Properties acquired two premium 6.2-acre properties in sector 146, Noida. The first project, Godrej Tropical Isle, was subsequently launched with a booking value of more than ₹2,050 crore, making it the largest Godrej launch at the time.

The second project Godrej Jardinia was sold out at launch in the first quarter of the current fiscal year, with a booking value of ₹2,375 crore.

Godrej Properties reported robust growth in its consolidated net profit to ₹520.05 crore for the June 2024 quarter. The figure grew 316% on a year-on-year (YoY) basis from ₹124.94 crore in the corresponding period of last fiscal.

The company’s total income stood at ₹1699.48 crore, up 34% against ₹1265.98 crore reported in the corresponding quarter of the previous fiscal.

Shares of Godrej Properties Ltd ended the session 1.71% higher at ₹2,925.70 apiece on NSE on Friday, August 9.