Godrej Properties buys 28-acre land in Bengaluru

13 Mar 2023 , 12:48 PM

Godrej Properties announced that it has signed a sale agreement to acquire a land parcel of approximately 28 acres in Bengaluru for the development of a mixed-use project with apartments and supporting retail development.

This project is near Whitefield and close to major office spaces in Whitefield and on the Outer Ring Road.

Godrej Properties is the real estate division of Godrej Group. It is a subsidiary of Godrej Industries, which owns 58.48% of the company as of December 31, 2022. The company is currently active in several cities, with a focus on residential, commercial, and township development.

The consolidated net profit of the realtor increased 51% to Rs59 crore in Q3FY23 from Rs39 crore in Q3FY22. Revenue from operations fell 29.61% to Rs196.23 crore in Q3FY22, from Rs278.76 crore.

At around 12.50 PM, Godrej Properties was trading 2.03% lower at Rs1,138.45 apiece, against the previous close of Rs1,162 on NSE. The counter touched an intraday high and low of Rs1,171.05 and Rs1,136.75 respectively.

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