Godrej Properties to acquire ~7.44-acre land parcel in Kolkata via e-auction; stock hits 52-week high

15 Jun 2023 , 10:39 AM

Godrej Properties Ltd. (GPL) has been declared the highest bidder in West Bengal Housing Infrastructure Development Corporation Ltd.’s e-auction and will acquire a 7.44-acre land parcel at New Alipore, a premium residential locality in Kolkata.

GPL plans to build a luxury group housing project on this land parcel. The physical and social infrastructure in New Alipore is well-established. The location provides excellent access to all of Kolkata’s major social and commercial hubs.

Gaurav Pandey, the Managing Director and CEO of Godrej Properties said, “There has been a consistent and robust demand for luxury real estate in recent years. This upcoming project will be their second luxury development in the city, and the company’s goal is to construct an exceptional residential community that offers enduring value to its residents.”

The company stated in its media filing that the project will have a developable potential of about 9.8 lakh square feet. The estimated revenue potential from the said project is Rs 1,200 crore.

At around 10.43 AM, Godrej Properties was trading 4.22% higher at Rs 1,570.10 per piece, against the previous close of Rs 1,506.55 on NSE. The counter touched an intraday high of Rs 1,575.

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