Godrej Properties in Talks to Sell Gurugram Land

11 Oct 2023 CW Team

Godrej Properties is in advanced negotiations with Hero Realty to sell a 14-acre land parcel in Gurugram, with an estimated value of around Rs 7.30 billion. This land was initially acquired by the Mumbai-based real estate company approximately two years ago from a local land-aggregating company.

This development has raised eyebrows, considering the relatively short ownership period by Godrej. The deal is reportedly at an advanced stage, with mutual agreement between both parties.

The land in Sector 89 offers an FSI (Floor Space Index) of Rs 3360 for 2.1 million sq. ft., with an available FAR (Floor Area Ratio) of 3.5.

Godrej Properties had initially planned to create one of its largest residential developments in Gurugram, which would have significantly expanded its presence in the city.

However, this sale appears to be a shift in strategy, as Godrej Properties had been actively acquiring land in major residential hubs to meet the high demand for housing. In the last fiscal year, the company aggressively acquired 18 new land parcels with a sales potential of Rs 320 billion post-development. They also made significant land acquisitions in Noida and Mumbai.

Both Godrej Properties and Hero Realty have not officially commented on the sale as of yet. Hero Realty, backed by Sunil Kant Munjal's Hero Enterprise, has multiple projects in Gurugram and has recently acquired land for a plotted residential project with a plan to launch real estate projects spanning around 4 million square feet in the current fiscal year, with an estimated revenue potential of Rs 35 billion.

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