Godrej Properties wins Noida land bid, eyes over Rs 2,000 crore revenue; shares gain

Godrej Properties Ltd (GPL) on Wednesday announced that it has emerged as the highest bidder for a residential land parcel in Noida.

According to the exchange filing, the Mumbai-based real estate developer participated in an e-auction conducted by the New Okhla Industrial Development Authority (NOIDA) for residential group housing plots. The company secured a 4.95-acre (20,050 sq m) land parcel located in Sector 151, Noida, with a bid value of approximately Rs 331.75 crore.

The outcome was reflected on the e-tendering portal of HDFC Bank, following which NOIDA is expected to issue the formal allotment letter after completing the required procedures, the company said.

GPL's planned residential development in Sector 151, Noida

The company plans to develop a residential group housing project on the acquired land. The project is estimated to have a revenue potential exceeding Rs 2,000 crore, based on current business assumptions. It will feature premium residential apartments across multiple configurations, catering to demand in the National Capital Region (NCR).

"Godrej Properties intends to develop a residential group housing project on the land parcel, projected to generate estimated revenues exceeding INR 2,000 crore. The development will feature premium residential apartments offered in diverse configurations," the company said.

Sector 151 in Noida is positioned as a developing residential micro-market, with connectivity to the Noida–Greater Noida Expressway and planned access to the upcoming Noida International Airport at Jewar. The surrounding area is also witnessing infrastructure development, including proposed educational and healthcare facilities.

Godrej Properties' recent expansion in NCR portfolio

Earlier this month, the company said that it had also acquired a 23.2-acre residential land parcel in Greater Noida, which carries an estimated revenue potential of over Rs 7,000 crore, indicating continued expansion in the NCR region.

Commenting on the development, Gaurav Pandey, MD & CEO of Godrej Properties, said the addition strengthens the company’s portfolio in Noida and aligns with its strategy of deepening presence in key micro-markets across major Indian cities. He added that the company remains confident about sustained demand in the region, supported by its existing performance in the market.

“We are pleased to announce the addition of this new project in Noida to our portfolio. 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 share price performance

Following the announcement, shares of Godrej Properties surged in Wednesday's trading session. As of 12:40 pm, the real estate developer's shares were trading at around Rs 1,914 apiece on bourses, up 2.54 per cent from the previous close.

The stock has risen 4.72 per cent in the past week, gained over 11 per cent in the past month. However, on a year-to-date (YTD) basis, the scrip remains down about 5.44 per cent.