Godrej Properties To Add ₹5,500 Crore in Revenue Via New Housing Project in Gurugram

On October 25, 2024, Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, announced that it had emerged as the highest bidder and secured the Letter of Intent to develop a group housing plot on Golf Course Road in Gurugram, following an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

The 7.5-acre plot is situated in the prestigious Golf Course Road micro-market, offering a development potential of over 1.7 million square feet. This will include luxury residential apartments of various configurations, with an estimated revenue potential exceeding ₹5,500 crore.

In FY24,  GPL also acquired two prime parcels measuring 5.15 acres and 2.76 acres in the same micro-market from HSVP, with plans to launch both projects in the current financial year. Overall, the estimated revenue potential from GPL’s developable land on Golf Course Road in Gurugram is over USD 1.5 billion.

It is the 11th new project of Godrej Properties  acquired in FY25 and takes the booking value-added

through new projects to ₹22,950 crore thereby surpassing its full-year business development guidance of ₹20,000 crore.

Gaurav Pandey, MD & CEO of Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence that our customers have placed in us. I am very confident that this new acquisition will further strengthen our development portfolio in NCR as well as cater to the strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”

On October 25, 204, Godrej Properties shares opened at ₹2,953.75 and touched the day high of ₹2,972.30 at 10:15 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.