Godrej Properties to develop 11-acre property project in Pune

1 Jul 2024 , 06:11 PM

Godrej Properties Ltd. has told the exchanges that it plans to build a nearly 11-acre property piece in Pune. This land will be developed largely for group housing and high-street retail.

According to the exchange filing, the project has a potential development area of almost 2.2 million square feet and a revenue potential of ₹1,800 Crore.

Furthermore, the company has purchased roughly 7 acres of property in Thanisandra, North Bengaluru, to build a high-end residential complex. This project has a revenue potential of over ₹1,200 Crore and a developable area of nearly 9 lakh square feet.

Godrej Properties can generate over ₹3,000 Crore in revenue from these two land tracts.

According to a report issued last week, Godrej Properties is currently the leading developer in terms of bookings. The management expects pre-sales of ₹27,000 Crore in fiscal year 2025, representing a 20% increase from the previous year.

Godrej Properties has a seven-month project inventory and plans to launch projects worth ₹30,000 Crore in its core regions this fiscal year.

“GPL is going to keep expanding on its growth path but its recovery in cash flows and profitability, which has been the key investor concern, will drive further re-rating in the stock,” reports stated.

At around 10.35 AM, Godrej Properties was trading 0.65% lower at ₹3,187.15 per piece, against the previous close of ₹3,207.90 on NSE. The counter touched an intraday high and low of ₹3,290, and ₹3,175, respectively.

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