Updated March 5th, 2024 at 10:23 IST

Godrej Properties acquires 6.46 acre land parcel in Noida, via e-auction

The strategically located land parcel in Sector 44 is expected to yield an estimated revenue of around Rs 3,000 crore.

Reported by: Business Desk
Godrej grabs Noida land | Image:Company website
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Godrej grabs Noida land: Godrej Properties Limited has clinched the bid for a major land parcel in Sector 44, Noida, according to a recent press release. The 6.46-acre land parcel was acquired through an e-auction conducted by the NOIDA Authority.

The strategically located land parcel is expected to yield an estimated revenue of around Rs 3,000 crore. With a development potential of approximately 1.4 million square feet (sq ft), the project aims to feature premium residential apartments of varied configurations.

Noida's promising potential

Gaurav Pandey, MD & CEO of Godrej Properties, stated that the company's successful bid aligns with its strategy to expand its footprint in key micro markets across India's leading cities. He highlighted Noida's prospects, citing its well-planned infrastructure, wide roads, and proximity to Delhi.

Notably, Godrej Properties Limited also announced on Monday its plan to develop a township in North Bengaluru, spanning approximately 62 acres. Under a profit-sharing arrangement, the project is expected to yield around Rs 5,000 crore.

With a focus on premium residential apartments totalling approximately 5.6 million sq ft, the project benefits from strategic connectivity to key areas including Kempegowda International Airport and upcoming metro stations.

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Published March 5th, 2024 at 10:22 IST