Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has acquired a land parcel to develop a luxury project near Carmichael Road, an upmarket residential area in Mumbai.
The new project will have an estimated booking value potential of approximately INR 1,200 crore*.
Spread across approximately 0.5 acres, the site is located at one of India's most prestigious and sought after residential locations. The land was purchased from the Karam Chand Thapar (KCT) group.
Mohit Malhotra, MD & CEO, Godrej Properties, said, "We are pleased to add this project at a marquee location to our portfolio. The demand for luxury realty has been strong over the past few years and this location affords us the opportunity to create a landmark boutique luxury residential development."
Varun Thapar, Vice Chairman and Executive Director - KCT Group, said, "Indian City Properties Ltd., the real estate arm of the KCT Group, has owned this prime land asset in South Mumbai for nearly seven decades. It was important for us to select a buyer with whom we found an alignment of values and corporate ethos. We are happy to have successfully concluded this transaction with Godrej Properties".
Shares of Godrej Properties Limited was last trading in BSE at Rs. 1507.75 as compared to the previous close of Rs. 1459.15. The total number of shares traded during the day was 29354 in over 2350 trades.
The stock hit an intraday high of Rs. 1514.65 and intraday low of 1470.05. The net turnover during the day was Rs. 43820998.00.
*On the basis of the current business assumptions.