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Last Updated : Dec 12, 2019 02:52 PM IST | Source: Moneycontrol.com

Godrej Properties takes up 4 projects, share price gains 4%

The company has entered into a joint venture to develop a 100-acre township in Navi Mumbai.

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Godrej Properties share price rallied 3.55 percent intraday on December 12 after the Mumbai-based real estate company added four projects to its portfolio.

The stock has rallied 47 percent in last one year. It was quoting at Rs 925.40, up Rs 24.15, or 2.68 percent, on the BSE at 1426 hours.

"We added three new projects in MMR in the micro markets of Navi Mumbai, Ambernath, and Thane, and one new project in North Bangalore," the company said in its BSE filing.

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These new projects will add approximately 1.18 million square metres (12.70 million square feet) to its development portfolio, it added.

The company has entered into a joint venture to develop a township project of over 100 acres in Navi Mumbai.

The second project is a joint venture with Nisarg Nirman Developers to develop a land parcel of approximately 6.4 acres in Ambernath, MMR, while the third project is an outright purchase of land in Thane.

The fourth project is a joint venture with Universal Builders promoters in KIADB Hardware Park, Bagalur, North Bangalore for a modern affordable housing project of.

"These projects fit well with our strategy of building our presence in the country's leading real estate markets and will add momentum to GPL's plans to grow market share during the period of dislocation the industry is currently facing," Executive Chairman Pirojsha Godrej said.

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First Published on Dec 12, 2019 02:51 pm
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