Realty firm Godrej Properties has emerged as highest bidder for a 5-acre land parcel in Noida with a bid value of Rs 332 crore and will develop a housing project on this site.
In a regulatory filing on Wednesday, Godrej Properties informed that it has participated in an e-auction conducted by the New Okhla Industrial Development Authority (NOIDA) for residential group housing plots.
Godrej Properties said it has "emerged as the highest bidder for a 4.95-acre (20,050 sq metre) residential land parcel in Sector 151, Noida, as reflected on the e-tendering portal of HDFC Bank. "
The company acquired the land for Rs 331.75 crore, it added.
Following the due process, NOIDA will issue the allotment letter.
Godrej Properties will develop a residential group housing project on the land parcel, projected to generate estimated revenues of more than Rs 2,000 crore.
Earlier this month, Godrej Properties acquired a 23.2-acre residential land parcel in Greater Noida, with an estimated revenue potential exceeding Rs 7,000 crore.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "Building on the consistent demand witnessed for our existing developments in the region, we remain confident in the strength of this market."
"This project will further enhance our development portfolio in the National Capital Region and aligns seamlessly with our strategy of deepening our presence in key micro-markets across India's leading cities," he said.
Godrej Properties is one of the leading real estate developers in the country.
