Godrej Properties emerges as top bidder for 6.5 acre land in MMR; shares up

Godrej Properties in focus: Shares of real estate developer Godrej Properties gained up to 1.51 per cent to hit an intraday high of Rs 3,193.95 per share on Wednesday, October 16, 2024. 

The rise in Godrej Properties share price came after the company announced that it has emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar.

“Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India. We will aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, MD & CEO, Godrej Properties.

The 6.54-acre plots present a major development opportunity, with the potential to yield approximately 2 million square feet of premium residential apartments in various configurations. This project is estimated to generate around Rs 3,500 crore in revenue, Godrej properties said in a statement.

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Located in Sector 5-A, Kharghar, the site benefits from excellent connectivity to key transport hubs, including Kharghar and CBD Belapur Railway Stations, metro access, and proximity to the Sion-Panvel Expressway.

Additionally, the area is near the Kharghar residential node and features a robust social infrastructure, including healthcare facilities and educational institutions. Residents will also enjoy stunning views of the Kharghar hills.

Godrej Properties is one of India’s leading real estate development companies, part of the Godrej Group, which has a diverse portfolio spanning multiple industries. Established in 1990, Godrej Properties focuses on residential, commercial, and mixed-use developments across major cities in India.

The company is known for its commitment to quality, sustainability, and innovation, often incorporating green building practices into its projects. 

The market capitalisation of Godrej Properties is Rs 88,287.50 crore, according to BSE. The company falls under the BSE200 category.

The 52-week low of Godrej Properties stock is Rs 1,548 while its 52-week high is Rs 3,400 per share. 

At 10:39 AM, shares of Godrej Properties were trading 0.92 per cent higher at Rs 175.10 per share. In comparison, BSE Sensex was trading 0.05 per cent lower at 81,778.23 levels.