India’s leading listed real estate developer Godrej Properties has purchased around 15 acres of land in Sector 103 of Gurugram for an agreement value of Rs 403 crore from Microtek Infratech. The documents checked by the real estate data analytics company CRE Matrix revealed the development.
The sale deed was implemented in the name of Godrej Vestmark LLP on June 22, 2023. The company has made a payment of a stamp duty of Rs 28.21 crore for the transaction, revealed the documents.
However, there was no quick response from Microtek and Godrej on the news update.
The land parcel measures 14.8 acres accurately and is located near Daulatabad village in Sector 103 of Gurugram.
Mumbai-based real estate company Godrej stated in a filing recently that the land has been brought from an outright purchase. However, the company has not revealed the revenue possibilities from the project that would occur on the latest acquisition of the land.
In November last year, the company said that it had purchased two adjacent land parcels, measuring 12.4 acres, in Noida for Rs 377 crore. This acquisition was done through an auction by the Noida Authority. Godrej will expand residential group housing on the land parcels situated in Noida’s Sector 146.
Earlier, Godrej had obtained nine acres of land in Gurugram in December last year from an outright purchase for a premium residential project. Godrej Properties is also designing luxury homes with Rs 3,100 crore revenue potential at Golf Course Road in Gurugram.
Godrej Properties, a division of the business empire Godrej Group, is one of the foremost real estate developers in the country. It primarily concentrates on Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune for the expansion of residential projects.
Godrej Properties Limited is a real estate firm and a subsidiary of Godrej Industries Ltd. The parent company was set up in 1990 under the leadership of Adi Godrej. The company is presently creating projects that are assessed to cover more than 89.7 million square feet.
Let us take a glance at the establishment of the Godrej Group. It was Ardeshir Godrej who was working as a lock-maker and he decided to pursue his business dream, which is now counted among the top conglomerates. The Godrej Group is now led by Adi Godrej, whose wife Parmeshwar Godrej was always someone who grabbed the headlines. She started her profession as an air hostess before she became a part of the most influential business family in India.
Parmeshwar Godrej got wedded to Adi at the age of 21. The couple got three children together Tanya Dubash, Nisa Godrej, and Pirojsha Adi Godrej. She was considered to be the most important philanthropist and socialist in India. She also was the co-owner of the Heroes Project with Hollywood actor Richard Gere in 2004. It was supported by the Bill and Melinda Gates Foundation and Clinton Global Initiative. She was also one of the first advocates for AIDS and HIV awareness in India.