Godrej Properties Boosts Gurugram Project with TDR Certificates Purchase
Godrej Properties sets new benchmark in Gurugram with TDR certificates purchase, expects Rs 900 crore revenue boost
Godrej PropertiesTdr CertificatesGurugramReal EstateMumbaiReal Estate MumbaiJun 30, 2024
The Haryana government issues TDR certificates to landowners when their land is acquired for development projects, offering them monetary compensation. These certificates can later be sold to developers at market rates. In this deal, nearly 1,000 TDR certificates were generated with a floor area ratio (FAR) of 2. The majority of these certificates had a face value of 50 sq m each, while some were issued with a face value of approximately 77 sq. m, resulting in a total area of approximately 1 million sq ft.
Godrej Properties, a leading real estate developer, has been leveraging the TDR market to enhance its project portfolio. The company has a strong track record in Gurugram, having recorded a 473% increase in sales in FY24 compared to the previous year. With a robust launch pipeline for FY25, Godrej Properties is poised to capitalize on the growing demand in the region. The company has already emerged as the highest bidder for two luxury group housing plots in the Golf Course Road micro market in Gurugram, including the Sector 43 project.
The purchase of TDR certificates is expected to set a new precedent in Gurugram, encouraging other developers to explore this route to enhance their project offerings. With the TDR market gaining momentum, developers are likely to benefit from the increased flexibility and revenue potential it offers.
Information
Godrej Properties is a leading real estate developer in India, known for its commitment to excellence and customer satisfaction. With a strong presence in prominent cities like Mumbai, Gurugram, and Pune, the company has established itself as a trusted brand in the industry.
Godrej Properties is a part of the Godrej Group, a renowned business conglomerate in India. With a rich legacy of over 125 years, the Godrej Group has diversified interests in real estate, consumer goods, industrial engineering, and more.
Frequently Asked Questions
What is the purpose of TDR certificates?
TDR certificates are issued by the government to landowners as compensation for their land acquired for development projects. These certificates can be sold to developers at market rates, enabling them to construct additional area.
How will Godrej Properties benefit from the TDR certificate purchase?
The purchase of TDR certificates will enable Godrej Properties to construct an additional 300,000 sq ft of area, translating to a total revenue potential of Rs 900 crore.
Is the TDR market common in Gurugram?
While the TDR market is prevalent in cities like Mumbai, it is gaining traction in the NCR region, including Gurugram.
What is Godrej Properties' track record in Gurugram?
Godrej Properties has recorded a 473% increase in sales in FY24 compared to the previous year, demonstrating its strong presence in the region.
What is the future outlook for Godrej Properties in Gurugram?
With a robust launch pipeline for FY25, Godrej Properties is poised to capitalize on the growing demand in the region, further solidifying its position as a leading real estate developer.
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