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Godrej Properties, a real estate developer, emerged as the top bidder for a significant 6.45-acre group housing plot in Noida. The bid, amounting to INR 506 crore, secured the Mumbai-based developer's foothold in the promising Noida Sector 44.
The Noida Authority's decision to auction the expansive plot in December 2023 gathered attention from developers. In the ensuing e-auction held on February 26, two contenders, Godrej Properties and Max Estates, applied for a housing plot measuring 26,136.55 square metres or 6.45 acres.
A senior official from the Noida Authority disclosed that Godrej Properties clinched the bid with their offer, indicating a strategic move in expanding their residential portfolio. The successful bid underscores Godrej's commitment to furthering its presence in key real estate markets.
Upon winning the bid, Godrej Properties is slated to embark on the development of residential group housing on the sprawling land parcel. With extensive experience in crafting innovative living spaces, the developer aims to deliver homes that resonate with modern lifestyle aspirations.
In line with the procedural requirements, the Noida Authority will soon issue the official allotment letter to Godrej Properties. The developer is mandated to complete the full payment within 90 days from the date of allotment, signaling a timeline for commencing the project.
The acquisition of this prime plot signifies not only a significant investment by Godrej Properties but also heralds prospects for enhancing the residential landscape in Noida Sector 44. As urbanization continues to drive demand for quality housing, such developments contribute to meeting the evolving needs of homebuyers.
Simultaneously, in the year 2024, Godrej Properties entered the Hyderabad real estate market by acquiring 12.5 acres in Rajendra Nagar. The development of this land parcel is expected to yield a 4 million sq. ft. saleable area, focusing on premium residential apartments with an estimated revenue potential of INR 3,500 crore.
Godrej Properties also acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq. ft. The project, estimated to yield INR 1,000 crore, could reach INR 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel.
Godrej Properties' successful bid marks a notable milestone in the real estate sector, signaling confidence in the market's growth trend. As the project unfolds, stakeholders eagerly anticipate witnessing the transformation of this parcel into a vibrant residential enclave, enriching the urban fabric of Noida.
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