Development for the real estate market in the National Capital Region (NCR), prominent developers Godrej Properties and Sobha Limited have emerged as the highest bidders in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA). The auction, held on August 7, saw five group housing plots, totalling approximately 1.36 lakh square metres, being auctioned off for over Rs 1,500 crore.
Mumbai-based Godrej Properties made a substantial impact by securing two prime land parcels in Greater Noida. The first parcel, measuring 32,350 square metres (7.9 acres) in Sector 12, was acquired with a bid of around Rs 442 crore, translating to a price of Rs 1,36,743 per square metre. The second parcel, located in the Sigma III area and spanning 38,771 square metres (9.58 acres), was won with a bid of Rs 400 crore, at Rs 1,03,243 per square metre. These acquisitions significantly expand Godrej Properties’ footprint in the NCR, adding to its existing presence in Noida and Gurugram. Sobha Limited, headquartered in Bengaluru, also secured a notable plot in the auction. The company won a 13,938 square metre parcel in Sector 36, Greater Noida, with a winning bid of Rs 161 crore, which amounts to Rs 1,16,012 per square metre. This acquisition aligns with Sobha’s strategic expansion in the NCR, complementing its ongoing projects in Gurugram.
The other two plots were won by Ashtech Industries Private Limited and Prashu Infrabuild Private Limited. Ashtech Industries secured a 22,558 square metre (5.57 acres) plot in Sector 12 with a bid of Rs 1.3 lakh per square metre, while Prashu Infrabuild acquired a 28,265 square metre (6.9 acres) plot in Sector Eta-2 at a price of Rs 71,404 per square metre. The successful bidders are required to make full payment within 90 days from the issuance of the allotment letter, according to GNIDA officials. This auction marks a significant step in the ongoing development of Greater Noida as a key real estate destination in the NCR.
For Godrej Properties, this win comes on the back of a robust financial performance, with the company reporting a 316 per cent surge in consolidated net profit to Rs 520 crore for the quarter ended June 2024. In contrast, Sobha Limited had a challenging quarter, with its consolidated net profit plunging 50 per cent year-on-year to Rs 6.06 crore. The acquisition of these prime plots is expected to further strengthen the real estate portfolios of both Godrej Properties and Sobha Limited, positioning them for continued growth in the highly competitive NCR market. As Greater Noida continues to evolve into a major urban hub, the successful execution of these projects will be crucial in meeting the growing demand for quality residential spaces in the region.
