Godrej Properties enters Faridabad in NCR

The Mumbai-based developer has expanded its residential portfolio in the National Capital Region (NCR) market with a plotted development in Faridabad.

Mar 20, 2020 05:03 IST capital market

Godrej Properties (GPL), one of Indias leading real estate developers, on Friday (20 March 2020) announced its entry into the Faridabad market with its first residential plotted development. Spread across 43.61 acres (17.65 hectares), this land parcel has been acquired from BPTP.

This project will offer approximately 95,000 square meters (1 million sq. ft.) of plotted development potential offering attractive plot sizes along with good lifestyle amenities. The site is strategically located and offers a well-developed social infrastructure with multiple schools, hospitals, and retail spaces in vicinity. This micro-market also has excellent road connectivity to both Delhi and Noida.

This is GPLs first project in Faridabad market and is also its first plotted development project within the National Capital Region (NCR). Godrej Properties has established itself as one of the market leaders in Gurgaon and Noida and hopes to replicate this success in other parts of NCR.

Pirojsha Godrej, executive chairman, Godrej Properties said, ?We are happy to add this new project in Faridabad, a key micro-market within NCR. This fits well with our strategy of deepening our presence in key markets across Indias leading cities.?

Godrej Properties is engaged in construction and real estate development.

The scrip was currently down 5.68% at Rs 619.85, extending losses for nineteenth day. The stock has fallen 44.28% in nineteen sessions from its recent closing high of Rs 1112.45 recorded on 20 February 2020.

On a consolidated basis, the real estate developer reported 9.2% rise in net profit to Rs 45.46 crore on a 12.6% increase in net sales to Rs 382.82 crore in Q3 December 2019 over Q3 December 2018.

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