Godrej Properties acquires TDR certificates for Gurugram development

02 Jul 2024 CW Team

Godrej Properties has purchased Transfer of Development Rights (TDR) certificates worth Rs 500 million from an individual for its Sector 43 project in Gurgaon, a practice commonly seen in Mumbai but now emerging in the NCR region. This acquisition will enable the company to construct an additional 300,000 sq ft of area, with a total revenue potential of Rs 9 billion, according to sources.

In Haryana, landowners can receive TDR certificates from the government as compensation when their land is used for development projects. These certificates can then be sold to developers at market rates.

CBRE, the transaction advisor for this deal, did not respond to queries, and Godrej Properties declined to comment. Sources familiar with the deal indicated that nearly 1,000 TDR certificates were generated with a floor area ratio (FAR) of 2. Most certificates had a face value of 50 sq m each, while some were approximately 77 sq m, totalling around 1 million sq ft. Godrej Properties has acquired these certificates for their group housing project in Sector 43. This transaction is expected to encourage the purchase of TDRs by developers in Gurgaon, a trend previously more common in cities like Mumbai. Godrej Properties recorded a 473% increase in sales in Gurugram in FY24 compared to the previous year and has a robust launch pipeline for FY25, including new projects in Sectors 103, 43, and 54.

In July 2023, Godrej Properties emerged as the highest bidder for two luxury group housing plots in the Golf Course Road micro-market in Gurgaon, including one in Sector 43 for which the TDR certificates were purchased. The projects, spread over 2.76 acres and 5.15 acres, are expected to generate combined estimated revenue of about Rs 31 billion. (Source: ET)

Technology

13 May 2026

Kaizen AI Discusses Real Estate AI Adoption Across Projects

Real estate developers, architects and technology firms discussed the growing implementation of artificial intelligence across active projects in India, Dubai and the United States during a media interaction held in Mumbai this week.The discussion focused on how AI-driven systems are increasingly being used in live real estate projects to evaluate planning, parking, efficiency, cost and constructability at a scale beyond conventional workflows.Kaizen AI, which has worked on more than 200 projects globally, showcased how AI-led optimisation systems are being integrated into developments across ..

Sanghvi Palazzo Gets OC Ahead of RERA Timeline

Sanghvi Realty has received the Occupation Certificate (OC) for its residential project Sanghvi Palazzo in Andheri West, Mumbai, around 18 months ahead of its RERA possession deadline of December 2027.Located on Jai Bhavani Mata Road, Ambivali, the project comprises a G+9 residential development with 41 apartments, including 1, 2 and 3 BHK configurations ranging from 358 sq. ft. to 770 sq. ft. carpet area.The company said the receipt of the OC marks the completion of all regulatory approvals and construction activities for the project.Pakshal Sanghvi, Director, Sanghvi Realty, said timely deli..

Gradiant Deploys AI Data Centre Water Solution Globally

Gradiant has announced the deployment of HyperSolved, its end-to-end cooling water solution for AI data centres, with several global hyperscale operators across major international markets.The company said the platform has been designed to address rising water infrastructure challenges linked to the rapid expansion of AI-driven data centres, which require significantly higher cooling and water consumption compared to traditional facilities.According to Gradiant, HyperSolved integrates the complete cooling water lifecycle, including sourcing, treatment, reuse and discharge, into a single platfo..