Godrej Properties and Sobha lead in Greater Noida land auction

12 Aug 2024 CW Team

Godrej Properties and Sobha have emerged as top bidders for several land parcels in an auction conducted by the Greater Noida Authority. The auction, which featured five parcels of land with an initial valuation of Rs 7.38 billion, concluded with total bids amounting to Rs 15 billion. Godrej Properties secured two major plots: a 38,771 sq meter site for Rs 4 billion and a 32,350 sq meter site for Rs 4.42 billion. Sobha was the highest bidder for a 13,938 sq meter plot, winning it for Rs 1.61 billion. Other notable bidders included Prasu Infrabuild, which acquired a 28,265 sq meter plot for Rs 2.01 billion, and Ashtech Industries, which won a 22,558 sq meter plot for Rs 2.94 billion. Sachin Arora, Founder, Moneytree Realty, remarked on the significance of the aggressive bidding, highlighting the potential of the Noida and Greater Noida real estate markets. He noted that these developments are expected to further boost the region's real estate sector, which is currently experiencing heightened interest from investors and end users. Sobha Ltd has also recently entered into a partnership with a Gurugram-based landowner to jointly develop a 12-acre residential project in Sector 63A. This will be Sobha?s first project in Noida, complementing its ongoing projects in Gurugram, including two near the Golf Course Extension. Godrej Properties, meanwhile, has reported a 473% increase in sales in Gurugram for FY24 compared to the previous year and has a robust launch pipeline for FY25, with new projects planned in Sectors 103, 43, and 54. In July 2023, the company was the highest bidder for two luxury group housing plots on Golf Course Road in Gurgaon. Recently, Godrej Properties also achieved significant sales success with its project Godrej Jardinia in Sector 146, Noida, where it sold 650 homes worth over Rs 20 billion. This launch, initiated in May 2024, is noted as the company?s most successful in Noida in terms of sales value. In addition, Godrej Properties recently acquired a 6.46-acre plot in Noida?s Sector 44, offering 1.4 million square feet of development potential and an estimated revenue potential of Rs 30 bilion. This land will feature premium residential apartments of various configurations. (ET)

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