Godrej Properties adds new project in Mumbai

The Mumbai-based real estate developer will develop a residential project in Kalyan, Mumbai.

Godrej Properties announced that it has entered into an agreement to acquire a well-located land parcel in Kalyan (Mumbai). The property is spread across 20 acres and will offer approximately 1,39,000 square meters (1.5 million square feet) of saleable area comprising primarily of residential apartments of varied configurations with a small amount of retail/commercial space.

Kalyan is an established micro-market within MMR and this site is strategically located with multiple schools, hospitals, retail and residential spaces in close proximity, the company said in a filing today, 30 September 2020.

Godrej Properties is engaged in construction and real estate development. It reported consolidated net loss of Rs 20.23 crore in Q1 June 2020 compared with net profit of Rs 89.87 crore in Q1 June 2019. Net sales slumped 88.6% to Rs 72.29 crore in Q1 June 2020 over Rs 635.88 crore in Q1 June 2019.

Shares of Godrej Properties declined 1.37% to Rs 866.65. It has soared 71.29% from its 52-week low of Rs 505.95 hit on 24 March 2020.

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