Godrej Properties Ltd (GPL) has secured the rights to develop a 7.5-acre group housing plot on Golf Course Road in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The plot has a development potential of over 1.7 million square feet, comprising luxury residential apartments with an estimated revenue potential of over INR 5,500 crore. This acquisition is the 11th new project GPL has secured in the current financial year, taking the booking value added through new projects to INR 22,950 crore, surpassing the company's full-year business development guidance. Godrej Properties has also acquired two other prime parcels in the Golf Course Road micro-market, with an estimated revenue potential of over USD 1.5 billion.
Godrej Properties Ltd (GPL) has secured the Letter of Intent to develop a group housing plot on Golf Course Road in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP), the company announced in a regulatory filing on 25 October. GPL emerged as the highest bidder for the 7.5-acre plot, which has a development potential of over 1.7 million square feet, comprising luxury residential apartments with an estimated revenue potential of over INR 5,500 crore.
In the previous financial year (FY24), GPL had acquired two prime parcels of 5.15 acres and 2.76 acres in the Golf Course Road micro-market through auction from HSVP and plans to launch both these projects in the current financial year. The estimated revenue potential of GPL's developable land on Golf Course Road in Gurgaon is in excess of USD 1.5 billion. This is the 11th new project GPL has acquired in the current financial year (FY25), taking the booking value added through new projects to INR 22,950 crore, surpassing the company's full-year business development guidance of INR 20,000 crore.
Gaurav Pandey, MD and CEO of Godrej Properties, expressed confidence that this new acquisition will further strengthen the company's development portfolio in the NCR market and cater to the strong demand for its products in this region. He said the company aims to build outstanding residential communities that create long-term value for its residents.
In the recent quarter, Godrej Properties reported a five-fold jump in its consolidated net profit to INR 335.21 crore, with total income more than doubling to INR 1,346.54 crore. The company's sales booking also increased by 89% to over INR 13,800 crore during the April-September period of this fiscal. Godrej Properties has set a target of achieving INR 27,500 crore worth of sales bookings in the current 2024-25 financial year, up from INR 22,527 crore in the previous year.
Godrej Properties' strategic expansion in the Gurugram luxury residential market underscores the company's commitment to tapping into the growing demand for high-end living spaces in the National Capital Region. With a robust pipeline of new projects and a focus on delivering exceptional residential communities, Godrej Properties is well-positioned to strengthen its market presence and deliver sustainable growth in the years ahead.
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