Godrej Properties secures Noida group housing plot in Rs 506 crore bid

Godrej wins Noida bid: Godrej Properties has secured the winning bid for a 6.45-acre plot earmarked for group housing in Noida, with an offer of Rs 506 crore, according to media reports. The competitive bidding took place via e-auction in December 2023, with Godrej Properties emerging as the successful bidder against Max Estates for the plot located in Noida Sector 44.

The plot, spanning over 26,000 sq mtr, attracted bids from two prominent developers, ultimately resulting in Godrej Properties' acquisition during the auction held on February 26. Following the bid's acceptance, Godrej Properties is poised to receive the allotment letter promptly. However, it is notable that the full payment for the land acquisition is required to be completed within 90 days from the date of allotment.

Godrej Properties expansion

This recent acquisition adds to Godrej Properties' expanding portfolio in the Noida region. Previously, in November 2022, the company secured two adjoining land parcels in Noida Sector 146 through a separate e-auction, amounting to a total bid value of Rs 377 crore. These acquisitions, covering an area of 12.4 acres with a potential for approximately 3.2 million sq ft of development, highlight the company's focus on growth plans in the area.

Financially, in the third quarter, the company reported a 6 per cent year-on-year (YoY) increase in consolidated net profit, reaching Rs 62.47 crore. Additionally, its revenue surged by 68 per cent to Rs 330.44 crore.