Godrej Properties hits new 52-week high on emerging as highest bidder for 2 plots in Navi Mumbai

Godrej Properties, a part of Godrej Group and Mumbai-based realty developer announced on Monday that it has emerged as the highest bidder for two adjacent plots in Navi Mumbai. 

The company announced the addition of two residential plots in Sanpada (Navi Mumbai) from City & Industrial Development Corporation (CIDCO). The company was the highest bidder in the e-auctioning process of CIDCO. Godrej Properties bided Rs 166 crore for the two adjacent plots. 

The plots are spread over 1.5 acres and this project will offer approximately four lakh square feet of development, consisting primarily of premium residential apartments with a small amount of high street retail at the base of the property. 

This new project will strengthen the company’s development portfolio in Mumbai metropolitan region (MMR). 

Godrej Properties is engaged in the construction and real estate development with a focus on developing residential, commercial and township projects. 

Despite the news, the stock of Godrej Properties Ltd was trading at Rs 1,530.05, down by 0.58 per cent at 12.04 pm today. However, it registered a fresh 52-week high of Rs 1,573.45 on Monday.