Godrej Properties shares surged nearly 5 percent on April 2, a day after the company announced that it has sold 275 homes worth over Rs 2,000-crore at the launch of its luxury project named 'Godrej Riverine' in Noida. The shares of the Mumbai-based real-estate developer were trading at around Rs 2,140 apiece in the afternoon.
In an exchange filing, Godrej Properties announced that its project is located in Noida's Sector 44, which is one of the key micro markets in the city. The project is spread across 6.46 acres of land and comprises luxury residential apartments of varied configurations. "With its well-planned infrastructure, wide roads, and proximity to Delhi, Noida offers a high-quality lifestyle and good connectivity," the company said.
According the company's website, the price of 3 BHK apartments at the project starts from Rs 6.40 crore, while the same of 4 BHK apartments begins from Rs 7.35 crore.
Speaking about the launch, Godrej Properties CEO and managing director Gaurav Pandey said: "We are delighted with the overwhelming response to our luxury project, Godrej Riverine in Noida. We extend our sincere gratitude to our customers and all stakeholders for their trust and confidence in Godrej Properties. We remain committed to delivering an exceptional living experience at this development."
Pandey further added, "Noida is a key market for us, and we look forward to further strengthening our presence in the region in the years ahead."
Notably, Godrej Riverine marks the third consecutive launch with over Rs 2,000 crore sales for the company in Noida. The real estate giant had previously sold homes worth over Rs 2,000 crore in Godrej Jardinia (Q1 FY25) and Godrej Tropical Isle (Q2 FY24), both located in Sector 146, Noida.
Earlier in March, the company had announced that it has sold nearly 90 homes worth over Rs 1,000 crore on the launch day of its luxury project named 'Godrej Astra' in Gurugram.
Despite the positive update, the shares of the company had seen a strong downturn on April 1, accompanying its peer real estate stocks. However, the stock strongly surged on April 2 as markets remained volatile ahead of US President Donald Trump's tariffs.
In other news, market expert Chris Wood from Jefferies recently removed the shares of Godrej Properties from Asia ex-Japan's long-only portfolio. Meanwhile, the investment in Macrotech Developers, the promoters of the Lodha brand, will be hiked from one percent, to four percent. Further, DLF shares will be included in the portfolio, with a weightage of three percent.
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