Real estate developer Godrej Properties has emerged as the highest bidder for a 6.45-acre group housing plot in Noida, acquiring it for a total bid value of Rs 506 crore, according to an official from the Noida Authority.
Situated in Noida Sector 44, the Mumbai-based developer intends to develop residential group housing on the newly acquired land parcel, which spans over 26,000 square meters. This plot was made available for sale through an e-auction conducted by the Noida Authority in December 2023.
The Noida Authority official revealed, “Two bids were received against the group housing plot measuring 26,136.55 square meters or 6.45 acres. Two developers including Godrej Properties and Max Estates have applied for the acquisition of the group housing plot in sector 44. During the e-auction today (February 26), Godrej made the highest bid at Rs 506 crore and won the bid for the plot.”
The official further explained that the allotment letter in the name of Godrej Properties will be issued shortly. As per the terms, Godrej Properties is required to make full payment for the land within 90 days from the date of receiving the allotment letter.
This recent acquisition adds to Godrej Properties’ portfolio in Noida. In November 2022, the company acquired two adjacent land parcels in Noida sector 146 through an e-auction, paying a total bid value of Rs 377 crore. These land parcels, spread over 12.4 acres, offer approximately 3.2 million square feet of development potential, as stated by the company following the acquisition.
Godrej Properties, in its third-quarter financial report, disclosed a 6% year-on-year increase in consolidated net profit, amounting to Rs 62.47 crore. Revenue also witnessed a significant uptick, rising by 68% to reach Rs 330.44 crore.
The acquisition of the 6.45-acre plot in Noida Sector 44 marks another milestone for Godrej Properties as it continues to expand its presence and development footprint in the Noida real estate market.
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