Godrej Properties rises on securing LoI to develop two group housing plots in Gurugram
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Godrej Properties is currently trading at Rs. 2903.40, up by 14.90 points or 0.52% from its previous closing of Rs. 2888.50 on the BSE.
The scrip opened at Rs. 2889.00 and has touched a high and low of Rs. 2947.65 and Rs. 2884.90 respectively. So far 7728 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3400.00 on 16-Jul-2024 and a 52 week low of Rs. 1533.00 on 28-Sep-2023.
Last one week high and low of the scrip stood at Rs. 2947.65 and Rs. 2836.85 respectively. The current market cap of the company is Rs. 80882.60 crore.
The promoters holding in the company stood at 58.48%, while Institutions and Non-Institutions held 35.54% and 5.98% respectively.
Godrej Properties has emerged as the highest bidder and has secured the Letter of Intent (LoI) to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The combined bid value for both the plots is Rs 515 crore.
The plot measuring 3.6 acres is located in the prestigious Golf Course Road micro-market whereas the Plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48. The land parcels together will offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore comprising luxury residential apartments of varied configurations. With its well-planned infrastructure and proximity to prominent landmarks, both the micro-markets offer residents a high-quality lifestyle and convenient connectivity.
In FY24, the company bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and plans to launch both these projects in FY25. The company also won auctions for two land parcels in Greater Noida in the current quarter, which combined with these two new additions in Gurugram, has allowed company to greatly strengthen its NCR portfolio with 4 projects with a total estimated revenue potential in excess of $1 billion.
Godrej Properties is a realty firm of Godrej group and it is one of the leading real estate development companies in India based in Mumbai, Maharashtra. Currently, their business focuses on residential, commercial and township developments.
