Godrej Properties gains after purchasing land in Mumbai

Godrej Properties advanced 2% to Rs 837.20 at 09:18 IST on BSE after the company announced purchase of R.K. Studios' land in Chembur, Mumbai to develop a mixed-use project at the iconic location.

The announcement was made before market hours today, 3 May 2019.

Meanwhile, the S&P BSE Sensex was up 90.91 points, or 0.23% to 39,072.34

On the BSE, 8,623 shares were traded in the counter so far, compared with average daily volumes of 39,000 shares in the past two weeks. The stock had hit a high of Rs 863 and hit a low of Rs 830 so far during the day.

Godrej Properties today announced the addition of a new project in Chembur, Mumbai. Spread across 2.2 acres, this project will offer approximately 33,000 square meters (approximately 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience. The site is strategically located on the main Sion-Panvel Road and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential, and commercial spaces in close proximity.

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 one of India's leading real estate developers.

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