Godrej Prop up 3% on sell of Phase 1 of Gurgaon project

Shares of Godrej Properties, the Mumbai-based real estate developer, rallied more than 3% in early trade on Thursday after the company sold its entire Phase 1 of its Gurgaon project on opening day.

According to a release sent to exchanges, the real estate development arm of the Godrej Group has sold the entire first phase of its residential project, Godrej Summit, in Sector 104, Gurgaon. "The first phase of this project had 695 apartments across one million sq. ft. of space. Spread over 21 acres, Godrej Summit consists of 11 high rise towers and offers approximately 1,200 homes across 2 million sq. ft. of space," the company said. The research firm Morgan Stanley has equalweight rating on the stock with a target price of Rs 576. "The company has priced its new project at 5,500 per square feet which appears to be in line with other recent launches in the area," the firm said. At 09:18 hours IST, the share was trading at Rs 553.00, up 2.27% after hitting an intraday high of Rs 558.