Godrej Properties secures group housing project

16 Oct 2024 , 12:45 PM

Godrej Properties stock rose on Wednesday, October 16, after the company emerged as the highest bidder for three neighbouring properties in the Mumbai Metropolitan Region (MMR).

In a stock exchange filing, Godrej Properties stated that it emerged as the highest bidder for developing a group housing project across three plots in Sector 5-A, Kharghar. The business stated that the 6.54-acre plots have a development potential of 2 million square feet. The group housing project will have quality residential flats in a variety of formats.

The project has a combined income potential of ₹3,500 Crore, according to the company’s stock exchange filing.

According to the real estate firm, Sector 5-A in Kharghar is accessible to significant transportation hubs such as the Kharghar and CBD Belapur Railway Stations, metro connectivity, and the Sion-Panvel Motorway. Godrej Properties further stated that the neighbourhood is close to the Kharghar residential node and has a well-developed social infrastructure, including healthcare facilities and educational institutions.

Godrej Properties’ managing director and chief executive officer, Gaurav Pandey, said the company’s foray into the Kharghar micro-market is consistent with its aim to grow its portfolio in key markets.

Last week, Godrej Properties informed the stock exchanges of its Board meeting on October 23 to evaluate and approve the company’s unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024.

At around 12.40 PM, Godrej Properties was trading 1.48% lower at ₹3,193.10, against the previous close of ₹3,146.65 on NSE.

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