Godrej Properties share price touched 52-week high in the early trade on July 1 after the company has acquired leasehold rights for ~ 11 acre land parcel in Hinjewadi, Pune.
At 09:24 am, Godrej Properties was quoting at Rs 3,220.00, up Rs 12.20, or 0.38 percent, on the BSE.
The land offers a developable potential of ~ 2.2 million square feet with an estimated revenue potential of ~ Rs 1,800 crore.
The development on this land will comprise primarily Group Housing and High Street Retail.
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Also, the company has acquired ~ 7 acres of land in Thanisandra, North Bengaluru on an outright basis, for the development of a high-end residential
project, having a developable potential of ~ 9 lakh square feet with an estimated revenue potential of ~ Rs 1,200 crore.
In June, the company reported the highest-ever pre-sales of Rs 22,500 crore in FY24.
With this, it has now become the largest developer in terms of bookings. Godrej Properties pre-sales rose by 84 percent year-on-year (YoY) in FY24, 61 percent higher than its guidance.
Going forward, the management has guided for pre-sales of Rs 27,000 crore in FY25, which implies 20 percent YoY growth. The company is gearing up to launch projects worth Rs 30,000 crore in FY25 across its core markets of NCR, MMR, Bengaluru and Pune, as well as the recently entered Hyderabad market.
Following this, analysts at Motilal Oswal shared a 'buy' call for Godrej Properties and upped the target price to Rs 3,600 per share, indicating an upside of 13 percent from current levels.
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