Godrej Properties to develop a Residential Group Housing project in Gurugram, Haryana

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana. The development will comprise predominantly of premium residential apartments. This will be one of GPL's largest residential developments in Gurugram and significantly strengthens its presence in the city. The site is strategically located with easy access to National Highway 48 and Northern Peripheral Road.

The proposed development on 14.27 acres of land will have an estimated revenue potential of approximately INR 3,000 Cr, on the basis of the current business assumptions.

Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, "We are pleased to announce the addition of this large and strategically important project in Gurugram. This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets. We will aim to build an outstanding residential community that creates long term value for its residents."

Shares of Godrej Properties Limited was last trading in BSE at Rs. 1227.90 as compared to the previous close of Rs. 1255.75. The total number of shares traded during the day was 30108 in over 3676 trades.

The stock hit an intraday high of Rs. 1272.85 and intraday low of 1221.00. The net turnover during the day was Rs. 37310584.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 RealEstate Premium Residential DevelopmentAgreement Gurugram Haryana