Godrej Properties declared the highest bidder for land parcel in Sector 44, NOIDA

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has been declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.

Spread over ~ 6.46 acres, the land is strategically located in Sector 44, one of the most prime locations in Noida. The land parcel will offer ~1.4 million square feet of development potential and an estimated revenue potential of ~ INR 3,000 crore* comprising premium residential apartments of varied configurations. This will be the sixth project of Godrej Properties in Noida. With its well-planned infrastructure, wide roads, and proximity to Delhi, Noida offers a high-quality lifestyle and good connectivity.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We have witnessed strong demand for our existing projects in Noida and this project will further strengthen our development portfolio in NCR (National Capital Region). This fits well with our strategy of deepening our presence in key micro markets across India's leading cities. We will aim to build an outstanding residential community that creates long-term value for its residents."

* On the basis of the current business assumptions.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 2491.90 as compared to the previous close of Rs. 2439.50. The total number of shares traded during the day was 34454 in over 2887 trades.

The stock hit an intraday high of Rs. 2541.00 and intraday low of 2469.05. The net turnover during the day was Rs. 86267554.00.

Source : Equity Bulls

Keywords

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