Godrej Properties gains after launching mixed-use development project at Mumbai

Godrej Properties gained 2.52% to Rs 323.45 at 15:20 IST on BSE after the company announced the launch of its flagship project, The Trees, a mixed-use development project at Vikhroli, Mumbai.

The company made announcement during market hours today, 26 November 2015.

Meanwhile, the S&P BSE Sensex was up 181.16 points or 0.7% at 25,956.90.

On BSE, so far 44,430 shares were traded in the counter as against average daily volume of 91,736 shares in the past one quarter.

The stock hit a high of Rs 330 and a low of Rs 315 so far during the day. The stock had hit a 52-week high of Rs 374.50 on 20 October 2015. The stock had hit a 52-week low of Rs 231.55 on 30 April 2015.

The stock had underperformed the market over the past one month till 24 November 2015, declining 12.24% compared with Sensex's 6.17% fall. The scrip had, however, outperformed the market in past one quarter, gaining 9.3% as against Sensex's 0.13% rise.

The mid-cap realty firm has equity capital of Rs 99.76 crore. Face value per share is Rs 5.

Godrej Properties said that with an area of 34 acres, this is one of the largest real estate projects in Mumbai and is the first step towards the greater development opportunity that will unfold in Vikhroli. The Trees mixed-use development contains a commercial precinct spread across 9.4 acres, which houses Godrej One, the Godrej Group's global headquarters. The central mixed use precinct, spread over 9.2 acres, will comprise of a 5 star luxury hotel, cultural buildings, luxury residential, and a high street retail park. The more private luxury residential precinct spread across 6.7 acres, which is now open for sale, will house a community of residential buildings with private parks and an iconic clubhouse facility. The first phase of residences in the project contains a total of 374 apartments with a saleable area of approximately 46,000 square meters (500,000 square feet).

Godrej Properties ' consolidated net profit jumped 127.8% to Rs 106.16 crore on 406.1% rise in net sales to Rs 1444.07 crore in Q2 September 2015 over Q2 September 2014.

Godrej Properties is into real estate development.

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