Mumbai-headquartered Godrej properties and Bengaluru-headquartered Sobha has emerged as the highest bidder of three land parcels in auction by the Greater Noida Authority.
The Greater Noida authority had come up with auction of five land parcels for Rs 738 crore and managed to sell it for Rs 1,500 crore.
Godrej properties is the top bidder for a 38,771 sq metre plot for Rs 400 crore and another 32,350 sq metre plot for Rs 442 crore.
Sobha is the top bidder for 13,938 sq metre plot for Rs 161 crore. Prasu infrabuild is the highest bidder for 28,265 sq metre plot for Rs 201 crore, Ashtech industries has won the bid for 22,558 sq metre plot for Rs 294 crore.
“The aggressive bidding by country’s top developer highlights the potential Noida and Greater Noida real estate market holds. The projects will further improve the real estate market in the region which is already seeing increased demand from investors and end users,” said Sachin Arora, founder of real estate consultancy Moneytree Realty.
Sobha Ltd has entered into an agreement with a Gurugram-based landowner to jointly develop a 12-acre residential project in Sector 63A.
Sobha is already executing two projects in Gurugram and the new one near Golf Course Extension will be the company’s third there.
This will be company’s first project in Noida.
Godrej properties has recorded a 473% increase in sales in Gurugram in FY24 from the year before and has a strong launch pipeline for FY25, which includes 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.
The company recently sold 650 homes worth over Rs 2,000 crore in its project, GodrejJardinia, located in Sector 146, Noida.
Launched in May 2024, this is GodrejProperties’ most successful-everlaunch in Noida in terms of the value of sales achieved.
This is the fourth launch with Rs 2000 crore sales in NCR in the past four quarters.
Recently, it emerged as the highest bidder for a 6.46-acre plot of land in Noida’s Sector 44.
The land parcel will offer 1.4 million square feet of development potential and an estimated revenue potential of Rs 3,000 crore, comprising premium residential apartments of varied configurations.
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