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Godrej Properties highest bidder for Navi Mumbai land in Cidco auction

For the December quarter, Godrej Properties reported a 69% year-on-year decline in its consolidated net profit to Rs14.35 crore. (Photo: Mint)Premium
For the December quarter, Godrej Properties reported a 69% year-on-year decline in its consolidated net profit to Rs14.35 crore. (Photo: Mint)

  • 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

BENGALURU: Godrej Properties Ltd (GPL) on Monday said it 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.

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“We are happy to add this new project in Navi Mumbai to our portfolio. This project will strengthen our development portfolio in MMR (Mumbai Metropolitan Region) and fits well with our strategy of deepening our presence in key markets across India's leading cities," said Pirojsha Godrej, Executive Chairman, Godrej Properties.

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.

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