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Stock Report
Godrej Properties acquires second land parcel in Hyderabad
Posted On : 2024-03-14 14:38:31( TIMEZONE : IST )
Godrej Properties Limited (GPL), one of India's leading real estate developers, today announced that it has acquired ~3-acres of land in Kokapet. This is the second land acquisition for GPL in Hyderabad and will take the overall booking value potential added in Hyderabad to INR 4,800 crore*.
The development on this land is estimated to have a potential of ~1.2 million square feet of saleable area comprising primarily premium residential apartments of various configurations with an estimated booking value of ~INR 1,300 crore*. This strategic acquisition is in line with GPL's strategy of developing high-quality residential projects across India's leading real estate markets.
The land is located in a strategic and high-potential area in Kokapet near the Outer Ring Road junction close to Golden Mile Road. Kokapet is one of the largest commercial and residential real estate markets in Hyderabad and has a well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in proximity. The location offers connectivity to the Rajiv Gandhi International Airport and all major social and commercial areas in the city.
"We are pleased to add another project in Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. It aligns well with our expansion strategy and will further solidify our position as a leading national real estate developer. We will aim to build an outstanding residential community that creates long-term value for its residents." said Mr. Gaurav Pandey, MD, and CEO, Godrej Properties.
* On the basis of the current business assumptions.
Shares of Godrej Properties Limited was last trading in BSE at Rs. 2205.50 as compared to the previous close of Rs. 2321.40. The total number of shares traded during the day was 46809 in over 3992 trades.
The stock hit an intraday high of Rs. 2341.40 and intraday low of 2179.90. The net turnover during the day was Rs. 105241231.00.
