Shares of Godrej Properties Ltd. surged by 3% to touch a day’s high of Rs 2,975 on 9th August after the company announced that it was the highest bidder for two land parcels in Greater Noida, with a total combined bid value of Rs 842 crore.

According to the company, these two areas of land are estimated to possess a revenue potential of Rs 5000 crore, covering an area of 17.5 acres.

This e-auction for residential group housing plots was conducted by the Greater Noida Industrial Development Authority, and the allotment letters will be issued after the proper procedure.

The land parcels in Greater Noida—9.5 acres in Sector Sigma-III and 8 acres in Sector 12—are in prime locations and offer a development potential of 3.75 million square feet for premium residential apartments.

In FY 22-23, the company acquired two 6.2-acre parcels in Sector 146, Noida, launching Godrej Tropical Isle with Rs 2,050 crore in bookings and Godrej Jardinia, which sold out with Rs 2,375 crore in bookings. The projects generated over Rs 4,400 crore in sales across three quarters.

According to Godrej Properties MD and CEO Gaurav Pandey, the company has seen robust demand for its projects within the NCR market. He added that he had no doubt that these two fresh land acquisitions would further consolidate their portfolio and meet the booming demand in this region.

At 1:14 PM, the shares of Godrej Properties Ltd. were trading 2.09% higher at Rs 2,936.45 on BSE.

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