Godrej Properties secures Letter of Intent to develop luxury group housing plot in Gurugram
New Delhi/IBNS: Godrej Properties announced on Friday (Oct. 25) that it has emerged as the highest bidder for a prime luxury group housing plot in Gurugram, with a projected revenue potential exceeding Rs 5,500 crore.
The company revealed that this new acquisition has pushed it beyond its FY25 business development target of Rs 20,000 crore.
Despite the announcement, Godrej Properties’ shares traded slightly lower by 0.43 percent, closing at Rs 2,911.70 per share.
The company secured the plot, located on Golf Course Road, through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
The 7.5-acre land parcel has a development potential of 1.7 million square feet and is expected to feature high-end apartments in multiple configurations.
Godrej Properties anticipates this project will significantly contribute to its revenue stream.
Previously, the company acquired two additional land parcels in the same Golf Course Road micro-market, measuring 5.15 acres and 2.76 acres.
These two projects are slated for launch in FY25.
With the latest acquisition, the estimated total revenue potential of the company’s land holdings in this area exceeds $1.5 billion.
Gaurav Pandey, Managing Director and CEO of Godrej Properties, expressed confidence in the company’s growing foothold in the NCR region.
“This acquisition will further solidify our development portfolio in NCR and help meet the strong demand for our products in this market,” he said.
Godrej Properties reported a remarkable 402 percent year-on-year (YoY) increase in net profit for Q2FY25, reaching Rs 335 crore.
The company’s total consolidated income surged by 135 percent YoY to Rs 1,343 crore, while earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 69 percent YoY to Rs 282 crore.
Since the start of the year, the company’s stock has risen by nearly 46 percent, with an impressive gain of over 85 percent in the past year.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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