Godrej Properties to redevelop residential project in Mumbai; stock up 8%

In the past one month, the stock of Godrej Properties has zoomed 64 per cent as compared to 5.6 per cent rise in the S&P BSE Sensex

Shares of Godrej Properties hit a new high of Rs 2,409.95 as they rallied 8 per cent on the BSE in the intra-day trade on Wednesday after the company said it will develop a residential project in Wadala, Mumbai. The stock of Mumbai-based real estate developer surpassed its previous high of Rs 2,328.95 touched on September 27, 2021.

"The company has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala, Mumbai. Spread across 7.5 acres, this project will offer approximately 15 million sq. mts. (approximately 1.6 million square feet) of saleable area comprising primarily of residential apartments of various configurations," Godrej Properties said in a press release.

This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets, said Mohit Malhotra, MD & CEO of Godrej Properties.

In the past one month, the stock of Godrej Properties has zoomed 64 per cent as compared to a 5.6 per cent rise in the S&P BSE Sensex.

According to Motilal Oswal Financial Services, more than 6,000 housing units were registered in the first 21 days of September, on an aggregate basis in Mumbai, surpassing the September 2018 total of 5,913 units. While registrations were expected to drop with the advent of ‘Shraad’; even if 50-100 units are registered every day, overall registrations is expected to be around 7,000 units, which will be a record in last decade.