Godrej Properties purchases 89 acres of land in Khalapur, Maharashtra

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 outright purchase of a land parcel in the fast-developing micro market of Khalapur - Raigad, Maharashtra.

Spread across ~ 89 acres, the proposed project is located near Imagicaa Theme Park and is estimated to have a development potential of approximately 1.9 million square feet of saleable area comprising primarily of residential plotted development.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Residential plotted development has gained significant traction in recent years and Khalapur is a promising micro market in which to expand our presence in this space. We will aim to build an outstanding residential community that creates long-term value for its residents."

~ 70 kms away from Mumbai, Khalapur is a scenic location with well-developed social and civic infrastructure consisting of multiple schools, health facilities, retail malls, and entertainment outlets. The subject land is in close proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune. The proposed Navi Mumbai International Airport will further boost connectivity to Khalapur and surrounding areas.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 1164.10 as compared to the previous close of Rs. 1186.05. The total number of shares traded during the day was 15963 in over 1789 trades.

The stock hit an intraday high of Rs. 1196.50 and intraday low of 1140.90. The net turnover during the day was Rs. 18598394.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 Realty LandPurchase Khalapur Raigad Maharashtra