Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced that it has acquired a ~4 acre land parcel near Koregaon Park, an upmarket residential area in Pune. The development on this land will primarily be a luxury group housing project.
The project will have a developable potential of approximately 7.5 lakh square feet with an estimated revenue potential of approximately INR 1,000 crore*.
Koregaon Park has an established physical and social infrastructure. The location offers excellent connectivity to all major social and commercial hubs of Pune city.
Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are happy to acquire this land parcel in one of the most premium locations in Pune. The demand for luxury realty has been strong over the past few years. This will be our first luxury development in the city, and we will aim to build an outstanding residential community that creates long term value for its residents."
*On the basis of the current business assumptions.
Shares of Godrej Properties Limited was last trading in BSE at Rs. 1030.55 as compared to the previous close of Rs. 1021.70. The total number of shares traded during the day was 38850 in over 3697 trades.
The stock hit an intraday high of Rs. 1056.30 and intraday low of 1025.40. The net turnover during the day was Rs. 40423238.00.