Godrej Properties acquires land for premium project in Pune

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has, on outright basis, acquired a 12-acre land parcel in Mundhwa - East, Pune. The development on this land will primarily be for a premium group housing project.

The project will have a developable potential of approximately 2.2 million square feet with an estimated revenue potential of approximately INR 2,000 crore*.

Among the most centrally-located residential areas in Pune, the location has established physical and social infrastructure and offers excellent connectivity to all major social and commercial hubs of Pune city. It is also in close proximity to upmarket Koregaon Park.

Mohit Malhotra, MD & CEO, Godrej Properties, said, "Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India's leading cities."

Shares of Godrej Properties Limited was last trading in BSE at Rs. 1260.55 as compared to the previous close of Rs. 1259.25. The total number of shares traded during the day was 29304 in over 2520 trades.

The stock hit an intraday high of Rs. 1274.00 and intraday low of 1244.80. The net turnover during the day was Rs. 36862447.00.

*On the basis of the current business assumptions

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 LandAcquisition MundhwaEast Pune PremiumGroupHousingProject