Godrej Properties’ shares experienced a marginal decline to Rs 2,298 in the opening trade on January 17 following the announcement of its second land acquisition in Bengaluru this month.
The company purchased a one-acre land parcel in Yeshwanthpur, with a developable potential of approximately 1.40 lakh square feet saleable area, for the development of premium residential apartments.
Earlier in the same month, Godrej Properties acquired a four-acre land parcel in the same area for a luxury housing project, estimated to have a developable potential of about 0.7 million square feet of saleable area.
The newly acquired land is expected to contribute to an estimated revenue potential of Rs 1,000 crore for the company.
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