Godrej Properties acquires 15-acre land parcel in Gurugram

26 Jun 2023 , 10:06 AM

The share price of Godrej Properties rose in early trade on June 26 after the company purchased approximately 15 acres of land in Gurugram, Haryana, in an unconditional purchase for the development of premium residential apartments. 

Further, ICRA and CRISIL increased the company’s commercial paper (CP) limits to Rs 2,000 crore from Rs 1,750 crore.

In addition, ICRA has assigned a long-term rating of AA+ (stable) to new Rs 2,000 crore non-convertible debentures (NCD).

On June 15, the company announced that it has been declared as the highest bidder in the West Bengal Housing Infrastructure Development Corporation Ltd.’s e-auction and will acquire a 7.44-acre land parcel in New Alipore, a premium residential locality in Kolkata.

The company plans to develop the said land parcel as a luxury group housing project.

At around 10.02 AM, Godrej Properties was trading 0.30% lower at Rs 1,494.90 apiece, against the previous close of Rs 1,499.45 on NSE. The counter rose to an intraday high of Rs 1,513.90 in today’s early morning session.

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