Godrej Properties rallies on floating Rs 770-cr property fund

The fund will invest and develop three to five mid-segment residential properties in Mumbai, NCR and Bangalore

Godrej Properties has rallied 6% to Rs 552 after the real estate arm of the Godrej group, said that it has created an Rs 770-crore development fund with a clutch of global investors, including Dutch pension services provider APG and Sparinvest Property Fund II, to develop residential properties in India.

“The fund will invest and develop three to five mid-segment residential properties in Mumbai, National Capital Region (NCR) and Bangalore, apart from looking for opportunities in other cities such as Pune and Chennai,” Godrej Properties said in a fling.

The stock opened at Rs 531 and hit a high of Rs 574 in morning trades on the National Stock Exchange. A combined 30,949 shares have already changed hands on the counter so far on both the exchanges.