Godrej Properties up 3.5% on selling units worth Rs 2,690-crore in Mumbai project

The project has significant unlaunched inventory remaining, which the company plans to sell in the coming years, the release further stated.

Godrej Properties Ltd (GPL) was trading over 3 percent higher on April 5 after it said it sold inventory worth Rs 2,690 crore in a Mumbai project.

Launched within 15 months of acquiring the land, Godrej Reserve project in Kandivali is GPL’s most successful launch in Mumbai in terms of volume of sales achieved, the company said in a release.

"We are delighted with the response to our project, Godrej Reserve. This has now become the best-ever launch in Mumbai residential real estate," Gaurav Pandey, MD & CEO, Godrej Properties, said.

Godrej Reserve has a developable potential of 3.72 million square feet with an estimated revenue potential of approximately Rs 7,000 crore, it said.

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The project has significant unlaunched inventory remaining, which the company plans to sell in the coming years, the release further stated.

The launch of a metro line connecting Kandivali, Dahisar, and Andheri significantly reduced travel time, enhancing connectivity.

The real estate player clocked its best-ever pre-sales in the December quarter at Rs 5,700 crore, rising 76 percent from the year-ago period. It reported a 6 percent year-on-year increase in consolidated net profit at Rs 62.47 crore in the third quarter.

At 3.09 pm, the stock was trading at Rs 2,488 on National Stock Exchange, up 3.25 percent from the previous close.

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