Godrej Properties Ltd
(GPL) has announced the expansion of its residential portfolio in National Capital Region (NCR), with an addition of a new residential project in Gurgaon.
This project will offer around 70,500 sq.m (~7.5lakh sq.ft) of saleable area and will be developed as a modern group housing development. This project is situated in an established location within Gurgaon City and has excellent connectivity to the various key micro-markets in Gurgaon.
This is GPL’s twelfth project within the National Capital Region (NCR). Within five years of entering the NCR market, Godrej Properties has established itself as one of the market leaders in NCR and hopes to further build on this position.
GPL has around 150mn sq.ft of developable area across India. The company’s total area sold grew by 90% yoy to 4.78mn sq.ft and total booking value grew by 140% to Rs4,029cr in 9MFY18. The company’s excellent brand image makes it an attractive partner for joint development projects. The company has launched three projects with 5.25mn sq.ft in January 2018 and expects to launch five projects in FY19E. The total area in both these projects could be around 18mn sq.ft. This we believe will help the company to sustain its growth momentum.
Godrej Properties Ltd ended at Rs772 up by Rs5.8 or 0.76% from its previous closing of Rs766.20 on the BSE.