Shares of Godrej Properties gained early on October 16 after the real estate developer announced that it had emerged as the highest bidder to develop a group housing project in Mumbai’s Kharghar area.
At 9.54 am, the stock was trading at Rs 3,153.35 on National Stock Exchange, up 0.21 percent from the previous close.
The firm said the 6.54-acre plot offers a development potential of approximately 2 million square feet with an estimated revenue potential of Rs 3,500 crore.
The plot, in sector 5-A of Kharghar, provides “excellent connectivity with key transport hubs, including Kharghar & CBD Belapur Railway Stations, metro connectivity as well as the Sion-Panvel Expressway”.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India. We will aim to build an outstanding residential community that creates long-term value for its residents.”
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