Shares of Godrej properties Ltd were trading in the green and 1% higher on 2 September after the company announced that they have been chosen as the highest bidder to create two luxury group home plots in Gurugram.

The real estate major secured a Letter of Intent to build the two housing plots that was obtained via e-auction that was conducted by the Haryana Shehri Vikas Pradhikaran’s E-auction. The total bid value of the two plots is Rs 515 crore. 

When the land pieces are combined, they will provide over a million square feet of development potential and over Rs 3,400 crore in potential revenue from a mix of luxury residential apartments in various configurations.

The first plot, which is around 3.6 acres in size, is situated in the upscale Golf Course Road micro-market, while the second, which is 1.97 acres in size, is well situated in Sector 39 on NH 48.

Godrej Properties purchased two premium lots in the Golf Course Road micro-market, measuring 5.15 and 2.76 acres, from HSVP at auction during the previous fiscal year. Both projects are scheduled to begin in FY 25.

In its filing the company said, “Additionally, the firm also won auctions for two land parcels in Greater Noida in the current quarter, which combined with these two new additions in Gurugram, has allowed GPL to greatly strengthen its NCR portfolio with 4 projects with a total estimated revenue potential in excess of $1 billion.”

Over the past year, Godrej Properties’ shares have gained more than 77%, surpassing the gains of the benchmark Nifty 50 index, which has risen by almost 30% during the same time frame.

However, at 11:45 am, the shares of Godrej Properties shed all their early gains and were trading 0.35% lower at Rs 2,898.95 on NSE. 

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