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.
Related News Articles
Property Registration Scandal: 796 Documents Under Scrutiny for Violating Real Estate Laws
The registration department is investigating 796 property registration documents for non-compliance with real estate regulations, sparking concerns among developers and buyers.
Maharashtra Weather Alert: Heavy Rainfall Expected in Mumbai, Pune, and Other Districts
IMD issues yellow alert for Mumbai, red alert for Palghar and Pune; heavy to very heavy rainfall expected in the next 24 hours
Nagpur Townships Inspected by State-Appointed Panel, Issues Persist
A state-appointed panel inspected several townships in Nagpur, Maharashtra, but issues related to water supply, irrigation clearance, and inspection delays remain unresolved.
Indore Sees 12.8% Rise in Property Revenue During Festive October
The city of Indore recorded a significant 12.8% increase in property revenue during the festive season in October. According to Balkrishna More, the Deputy Inspector General of Registration for the Indore region, the surge in real estate activity can be a
Arvind Gurumurthy: A Renowned Legal Expert in M&A, Private Equity, and Corporate Law
Arvind Gurumurthy, a distinguished legal professional, has made significant contributions in the fields of M&A, private equity, and corporate law. With a successful seven-year tenure as Partner at Kochhar & Company, Arvind has extensive experience in hand
Arthur Laffer Buys $87,156 in NexPoint Diversified Real Estate Trust Stock: A Bullish Signal?
Arthur Laffer, the director of NexPoint Diversified Real Estate Trust (NXDT), has made a significant purchase of $87,156 in company stock. This move could signal his confidence in the company's future performance. Investors should consider this as a potential indicator of a bullish market play.