Godrej Properties to acquire land for a luxury residential project in Kolkata

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it will acquire a ~7.44 acre land parcel at New Alipore, a premium residential locality in Kolkata from West Bengal Housing Infrastructure Development Corporation Ltd., having been declared as the highest bidder in its e-auction. GPL will develop this land parcel as a luxury group housing project. New Alipore has an established physical and social infrastructure. The location offers excellent connectivity to all major social and commercial hubs of Kolkata city.

The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately INR 1,200 crore*.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years. This will be our second luxury development in the city, and we 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. 1507.50 as compared to the previous close of Rs. 1474.10. The total number of shares traded during the day was 24552 in over 2355 trades.

The stock hit an intraday high of Rs. 1511.45 and intraday low of 1469.70. The net turnover during the day was Rs. 36750333.00.

* On the basis of the current business assumptions.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 LandAcquisition NewAlipore eAuction LuxuryProject