Shares of Godrej Properties extended their winning streak to a fifth consecutive session, rising to Rs 2,358 apiece on July 18, after the company announced the acquisition of a 48-acre land parcel in Bengaluru, Karnataka.
Over the past five trading days, the stock of this real estate company has gained 6 percent, compared with a 0.5 percent decline in the benchmark Nifty 50 index.
The company said it acquired the 48-acre land parcel in the Doddaballapur micro-market of North Bengaluru. Godrej Properties added that the site is located near the Satellite Town Ring Road (STRR). The development on this land will primarily consist of plotted units, with an estimated development potential of around 1.1 million square feet.
This acquisition follows the company’s announcement earlier this week of a 50-acre residential land deal in Raipur.
The Raipur property, situated close to central Raipur, the railway station, Swami Vivekananda Airport, and the upcoming Raipur–Hyderabad and Raipur–Visakhapatnam expressways, will be developed into a premium plotted residential project with an estimated saleable area of approximately 9.5 lakh square feet.
Last month, Godrej Properties reported sales worth over Rs 2,000 crore during the launch of the first phase of Barca at Godrej MSR City in Devanahalli, Bengaluru.
Also last month, the company announced another acquisition in Pune, acquiring 16 acres in the Upper Kharadi locality. This project, located near IT hubs such as Viman Nagar, Magarpatta, and Hadapsar, is expected to generate revenue of around Rs 3,100 crore.
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