Godrej Properties to develop six new projects in Pune

The Mumbai-based real estate developer Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP), one of India's leading real estate developers, today announced that it has entered into an equity investment platform in partnership with a Pune-based developer to develop six projects across Pune. This portfolio comprises various asset classes including group housing projects, plotted development, mixed use development and township projects.

The total land that will be developed comprises of over 300 acres located across the prime markets of west and east Pune. These six projects will offer a total saleable area of over 23 lakh square metres (approximately 25 million square feet), scheduled to be developed in multiple phases over the next 10 years.

This is a first of its kind equity platform investment and is in alignment with Godrej Properties' strategy of deepening its presence across India's leading real estate markets.

Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are excited to add this large portfolio of projects in Pune to our development pipeline. This single partnership will dramatically enhance our presence in the Pune market, cementing our presence across key growth areas within the city. We believe this sets us up well to establish a leadership position in Pune's residential market and fits perfectly with our strategy of growing our business across the country's leading real estate markets."

Shares of Godrej Properties Ltd was last trading in BSE at Rs.746.35 as compared to the previous close of Rs. 740.95. The total number of shares traded during the day was 27142 in over 1471 trades.

The stock hit an intraday high of Rs. 784.9 and intraday low of 740.5. The net turnover during the day was Rs. 20582602.

Source : Equity Bulls

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