Moneycontrol
Sep 14, 2017 09:20 AM IST | Source: Moneycontrol.com

Godrej Properties up 3%, adds new project in Thane in JV with Nirmal Ventures

The company has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri Marg, Thane West.

Godrej Properties up 3%, adds new project in Thane in JV with Nirmal Ventures

Moneycontrol News

Shares of Godrej Properties rose more than 3 percent in the early trade Thursday as it has bagged a residential project in Thane.

The company has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri Marg, Thane West.

This project will be developed under a development management agreement.

"The project spread over 14 acres and will offer approximately 1,95,000 square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development," company said.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to add this new project in Thane, a key micro-market of Mumbai."

"This strengthens our development portfolio in Thane and fits well with our strategy of deepening our presence in key markets across India's leading cities," he added.

ICICIdirect recommended buying Godrej Properties in the range of Rs 615-625 for target price of Rs 705 with a stoploss of Rs 575.

Share rose 118 percent in the last 9 months.

At 09:17 hrs Godrej Properties was quoting at Rs 652, up Rs 19.10, or 3.02 percent on the BSE.

Posted by Rakesh Patil
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