Godrej Properties gains after collaborating for housing project in Bangalore

Godrej Properties rose 1.86% to Rs 605.95 at 9:24 IST on BSE after the company said it will develop a new residential project in Bangalore.

The announcement was made before trading hours today, 28 September 2017.

Meanwhile, the S&P BSE Sensex was down 48.86 points, or 0.16% to 31,110.95.

On the BSE, 2,792 shares were traded in the counter so far, compared with average daily volumes of 62,000 shares in the past two weeks. The stock had hit a high of Rs 609.65 and a low of Rs 593 so far during the day.

Godrej Properties (GPL), one of India's leading real estate developers, announced that it has entered into a development management agreement with Manyata Developers to develop a group housing project in East Bangalore. Manyata Developers is a leading Bangalore-based real estate company, founded by Reddy Veeranna.

The first phase of the project is spread over 16 acres and will offer approximately 125,000 square metres (1.35 million square feet) of saleable area. The total project is expected to offer approximately 437,000 square metres (4.7 million square feet) spread over 53 acres. The project will be developed as a modern residential development comprising of apartrnents of various configurations. The location is well connected to key IT Hubs of Sarjapur Road, Whitefield, Outer Ring Road and Electronic City. This will be GPL's fourteenth project in Bangalore.

On a consolidateed basis, net profit of Godrej Properties declined 46.24% to Rs 23.37 crore on 18.16% decline in net sales to Rs 248.65 crore in Q1 June 2017 over Q1 June 2016.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 13.82 million square meters (141.45 million square feet) in 12 cities.

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