Godrej Properties advances after adding luxury project

Godrej Properties gained 2.04% to Rs 909.65 at 10:11 IST on BSE after the company announced that it has entered into a joint venture with a developer to develop a property in Mumbai.

The announcement was made after market hours yesterday, 3 April 2019.

Meanwhile, the S&P BSE Sensex was down 19.31 points, or 0.05% to 38,857.81

On the BSE, 48,000 shares were traded in the counter so far, compared with average daily volumes of 97,000 shares in the past two weeks. The stock had hit a high of Rs 921 and hit a low of Rs 895.55 so far during the day.

Godrej Properties announced that it has entered into a joint venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai. The project will offer approximately 1 lakh square meters (approximately 1.1 million square feet) of saleable area and will be developed as a luxury residential project.

Located at the doorstep of the Bandra - Worli Sea link, this project will offer outstanding connectivity to all parts of the city including the domestic and international airports, Bandra Kurla Complex (BKC), and Worli. This project will provide its residents one of the most desirable addresses in Mumbai while also offering unobstructed sea views from most apartments.

Godrej Properties reported consolidated net profit of Rs 41.63 crore in Q3 December 2018 as compared to net loss of Rs 54.75 crore in Q3 December 2017. Total income rose 53.37% to Rs 472.81 crore in Q3 December 2018 over Q3 December 2017.

Godrej Properties is a real estate developer.

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