Godrej Properties to redevelop residential project in Mumbai; stock up 8%

In the past one month, the stock of Godrej Properties has zoomed 64 per cent as compared to 5.6 per cent rise in the S&P BSE Sensex

Shares of Godrej Properties hit a new high of Rs 2,409.95 as they rallied 8 per cent on the BSE in the intra-day trade on Wednesday after the company said it will develop a residential project in Wadala, Mumbai. The stock of Mumbai-based real estate developer surpassed its previous high of Rs 2,328.95 touched on September 27, 2021.

"The company has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala, Mumbai. Spread across 7.5 acres, this project will offer approximately 15 million sq. mts. (approximately 1.6 million square feet) of saleable area comprising