February 27, 2024: Real estate developer Godrej Properties secured a 6.45-acre group housing plot in Noida through a successful bid, with a total bid value of Rs 506 crore. This plot, spanning over 26,000 square metre (sqm), is situated in Sector 44 of Noida. The Noida Authority had put this land parcel up for sale via an e-auction held in December 2023.
The bidding process saw participation from two contenders, namely Godrej Properties and Max Estates. During the e-auction conducted on February 26, 2024, Godrej Properties emerged as the highest bidder with a bid of Rs 506 crore, thereby winning the plot. The Noida Authority is now preparing to issue the allotment letter, expecting Godrej Properties to complete the payment within 90 days from the date of allotment.
This recent acquisition complements Godrej Properties’ earlier purchase of two adjoining land parcels in Sector 146 for Rs 377 crore in November 2022. The company intends to utilise these land holdings to develop residential spaces, with an estimated development potential of approximately 3.2 million square foot (msf) across these locations.
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