Godrej Properties acquires land parcel for a luxurious residential project in Mumbai; stock adds ~1%

1 Aug 2022 , 11:27 AM

Godrej Properties Limited informed that it has acquired a land for the development of a luxury project near Carmichael Road, a posh residential area in Mumbai.

The company plans to develop the project across an area of approximately 0.5 acres.

The project site is India’s one of the most sought-after and prestigious residential locations. The company has acquired this land parcel from Karam Chand Thapar (KCT) Group.

Company’s MD & CEO, Mohit Malhotra expressed, “We are delighted to put this marquee location project on our portfolio. The luxury realty demand has witnessed a significant surge over the past few years, and this location offers an opportunity to create a landmark boutique luxury residential development.”

The company also outlined that the said project will have an estimated booking value potential of about Rs1,200 crore.

At around 11.31 AM, Godrej Properties was trading at Rs1,518.55 per piece, up by Rs10.8 or 0.72% from its previous closing of Rs1,507.75 on the BSE. The scrip opened at Rs1,508.25 and touched intraday high and low of Rs1,523 and Rs1,498.80 respectively.