Gurugram-based real estate developer Godrej Properties has made a substantial land acquisition in Sector 103 of Gurugram. According to documents accessed by CRE Matrix, a real estate data analytics firm, the company has purchased approximately 15 acres of land from Microtek Infratech for an agreement value of INR 403 crore. This transaction was accompanied by a stamp duty payment of INR 28.21 crore.
The sale deed, dated June 22, 2023, was executed under the name of Godrej Vestmark LLP. Neither Godrej Properties nor Microtek has issued an immediate response to this development.
The land, measuring 14.8 acres, is located near Daulatabad village in Sector 103 of Gurugram. Godrej Properties, headquartered in Mumbai, disclosed in a filing to the stock exchanges on September 22 that this acquisition was made through an outright purchase. However, the company did not specify the expected revenue potential from the upcoming project on this newly acquired land.
In November 2022, the company had also acquired two adjacent land parcels spanning 12.4 acres in Noida for INR 377 crore, procured through an auction conducted by the Noida Authority. These land parcels, situated in Noida’s Sector 146, will be utilized for the development of residential group housing.
Additionally, in December 2022, Godrej Properties secured nine acres of land in Gurugram through an outright purchase, earmarked for a premium residential project. Furthermore, the company is actively involved in the development of luxury homes with a revenue potential of INR 3,100 crore on Golf Course Road in Gurugram.
As a subsidiary of the esteemed Godrej Group, Godrej Properties is recognized as a prominent player in the real estate development sector. The company primarily focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune for its residential projects.