Godrej Properties and Sobha Secure Prime Land Parcels in Noida with Aggressive Bids

New Delhi:

Godrej Properties and Sobha have emerged as the top bidders in a recent auction conducted by the Greater Noida Authority, securing three valuable land parcels. The auction saw robust participation, with bids far exceeding the reserve price of ₹738 crore, ultimately totaling ₹1,500 crore.

Key Land Acquisitions

Godrej Properties:

Secured a 38,771 sq metre plot for ₹400 crore.

Won another 32,350 sq metre plot for ₹442 crore.

Sobha:

Successfully bid ₹161 crore for a 13,938 sq metre plot.

Other significant acquisitions include Prasu Infrabuild securing a 28,265 sq metre plot for ₹201 crore and Ashtech Industries winning a 22,558 sq metre plot for ₹294 crore.

Key Figures and Bidding Highlights:

• Total Bids: ₹1,500 crore against a reserve price of ₹738 crore.
• Top Bidders: Godrej Properties and Sobha.
• Land Parcels: Ranging from 13,938 sq metres to 38,771 sq metres.

Market Potential in Noida and Greater Noida

The aggressive bidding underscores the immense potential of the Noida and Greater Noida real estate markets. These acquisitions are expected to further boost the region's real estate market, which is already experiencing heightened demand from both investors and end-users.

Godrej Properties' Strong Performance and Expansion

Godrej Properties has been particularly active in the National Capital Region (NCR), recording a 473% year-on-year increase in sales in Gurugram for the fiscal year 2023-24. The company has a robust launch pipeline, including new projects in Gurugram's Sectors 103, 43, and 54. In July 2023, Godrej Properties secured two luxury group housing plots in the Golf Course Road micro-market in Gurugram.

Notable Projects and Sales

• Godrej Jardinia, Noida: Launched in May 2023, this project became the company's most successful launch in Noida, with 650 homes sold for about ₹2,000 crore. 
• Sector 44, Noida: Godrej Properties emerged as the highest bidder for a 6.46-acre plot, offering 1.4 million sq feet of development potential with an estimated revenue potential of ₹3,000 crore.

Sobha's Expansion in Gurugram

Sobha has also been expanding its footprint, recently entering into an agreement to develop a 12-acre residential project in Sector 63A, Gurugram. The company is already executing two projects in the region and has a third project planned near Golf Course Extension Road.