Godrej Properties Highest Bidder for Navi Mumbai Land

Godrej Properties Ltd (GPL) has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs166 crore in an e-auction conducted by City and Industrial Development Corporation (Cidco).

BY Realty Plus
Published - Wednesday, 03 Mar, 2021

Godrej Properties Highest Bidder for Navi Mumbai Land

Godrej Properties Ltd (GPL) has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs166 crore in an e-auction conducted by City and Industrial Development Corporation (Cidco). GPL will develop a residential project on the land located in Sanpada, Navi Mumbai. Spread over 1.5 acres, the project will offer about 4 lakh square feet of development potential consisting primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development. Mumbai-based GPL has been acquiring land parcels strategically to expand its project portfolio in key cities. In December, it bought 18 acres in suburban Bengaluru’s Whitefield to develop a premium residential project. For the December quarter, Godrej Properties reported a 69% year-on-year decline in its consolidated net profit to Rs14.35 crore, while total income fell to Rs311.12 crore from ?517.47 crore in the corresponding period year ago