Godrej Properties and Sobha lead in Greater Noida land auction
12 Aug 2024
2 Min Read
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)
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)
Next Story
India, EU Unite for Research on Marine Plastic & Waste-to-Hydrogen
India and the European Union (EU) have launched two major research and innovation initiatives under the India-EU Trade and Technology Council (TTC). The TTC was established in 2022, by Indian Prime Minister Narendra Modi and European Commission President, Ursula von der Leyen to strengthen the bilateral partnership on trade and technology. With a joint investment of Rs 3.91 billion, the initiatives focus on two coordinated calls in the areas of Marine Plastic Litter (MPL) and Waste to Green Hydrogen (W2GH), co-funded by Horizon Europe鈥攖he EU鈥檚 research and innovation framework programme鈥�..
Next Story
Dr Ajay Kumar Takes Over as UPSC Chairman
Dr Ajay Kumar, Former Secretary, Ministry of Defence took the Oath of Office and Secrecy as Chairman, Union Public Service Commission today. The Oath was administered by Lt Gen Raj Shukla (Retd.), the senior most Member of the Commission.Having pursued a B Tech. in Electrical Engineering from the Indian Institute of Technology, Kanpur, Dr Ajay Kumar has done his MS in Applied Economics from the University of Minnesota, USA and PhD in Business Administration from Carlson School of Management, University of Minnesota, USA. He was also conferred an Hon. Doctor of Philosophy by Amity University in..
Next Story
MSME Ministry Invites Applications for National Award 2024
The Ministry of Micro, Small and Medium Enterprises (MSME) has acknowledged the significant contributions made by MSME entrepreneurs and aims to motivate and encourage them by presenting National Awards for outstanding performance. Currently, there are 35 National Awards offered to MSMEs across various categories. Special provisions have been made to recognize MSMEs led by women entrepreneurs, those belonging to Scheduled Castes (SC) and Scheduled Tribes (ST), and entrepreneurs from the North Eastern Region.Under this scheme, selected MSMEs are honored with a trophy and certificate, along with..
