Godrej Properties emerges as the highest bidder for 3 adjoining plots measuring ~ 6.5 acres in the Mumbai Metropolitan Region

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar according to e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).

The plots, measuring 6.54 acres, will offer a development potential of ~ 2 million square feet, comprising premium residential apartments of varied configurations, with an estimated combined revenue potential of ~ INR 3,500 crore.

Sector 5-A, Kharghar, enjoys excellent connectivity with key transport hubs, including Kharghar & CBD Belapur Railway Stations, metro connectivity as well as the Sion-Panvel Expressway. The area is in proximity to Kharghar residential node and boasts of a well-developed social infrastructure with healthcare facilities and educational institutions. This development will enjoy excellent views of the Kharghar hills.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India. We will aim to build an outstanding residential community that creates long-term value for its residents."

* On the basis of current business assumptions.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 3146.30 as compared to the previous close of Rs. 3091.40. The total number of shares traded during the day was 8566 in over 1343 trades.

The stock hit an intraday high of Rs. 3164.70 and intraday low of 3040.00. The net turnover during the day was Rs. 26539940.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 Realty HighestBidder GroupHousingProject PremiumLocation Sector5A Kharghar eAuction CIDCO