Godrej Properties emerges as the highest bidder for two adjacent plots in Navi Mumbai

The Mumbai-based real estate developer Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced the addition of a new residential project in Sanpada, Navi Mumbai. GPL emerged as the highest bidder in the City and Industrial Development Corporation (CIDCO) e-auctioning process with the total bidding value of INR 166 crore for the two adjacent plots.

Situated approximately 1 km away from Palm Beach, Sanpada is a desirable location in Navi Mumbai and offers a well-developed social and civic infrastructure with reputed schools, hospitals, residential and commercial spaces in close proximity.

Spread over ~ 1.5 acres, this project will offer ~ 4 lakh square feet of development potential comprising primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development.

Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are happy to add this new project in Navi Mumbai to our portfolio. This project will strengthen our development portfolio in MMR and fits well with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents."

Shares of Godrej Properties Ltd was last trading in BSE at Rs.1538.9 as compared to the previous close of Rs. 1550.75. The total number of shares traded during the day was 44626 in over 2958 trades.

The stock hit an intraday high of Rs. 1556.4 and intraday low of 1492.85. The net turnover during the day was Rs. 68332781.

Source : Equity Bulls

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