Two big listed real estate companies- Sobha Limited and Godrej Properties are aggressively expanding in NCR to leverage the booming residential market of Gurgaon and Noida.
Recently, Sobha which is already executing two projects in Gurgaon, has entered into a joint development agreement with a Gurgaon-based landowner to develop a 12-acre residential project in Sector 63A Gurgaon. The Bangalore-based real estate developer has also emerged as the top bidder for a 13938 sqm plot in Greater Noida for Rs 161 crore.
Mumbai-based listed developer Godrej Properties has emerged as the top bidder for two plots in Greater Noida measuring 38771 sqm with a bid amount of Rs 400 crore and 32350 sqm with a bid amount of Rs 442 crore. In July last year, Godrej Properties was the top bidder for two luxury group housing plots on Golf Course Road, Gurgaon. Recently, the group got the top bidder position for over 6 6-acre plot of land in Sector 44, Noida. The plot has a development potential of 1.4 MSF and a revenue potential of Rs 3000 crore.
Both Sobha Limited and Godrej Properties have been taking the joint development route in view of high land prices in NCR along with outright land purchases to carve out a major share of the booming residential market.