Rs 2,000 crore book value project: This Mumbai based real estate developer sold 670 homes with an area of 15,00,000 square feet!

Rs 2,000 crore book value project: The Mumbai based real estate developer sold 670 homes with an area of 15,00,000 square feet!

Godrej Properties Ltd (GPL), (BSE Scrip Code:533150; NSE Scrip Code: GODREJPROP), one of India’s leading real estate developers, today announced that it has sold ~ 670 homes worth over INR 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida. This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved. The project was launched in August 2023 within nine months of the purchase of land through an e-auction conducted by Noida Authority in November 2022.

Sector 146 is a prominent upcoming residential corridor in Noida. It provides access to high-quality social infrastructure and is in close proximity to commercial infrastructure like - Noida SEZ, entertainment hubs, Film City, etc. The area provides good connectivity to Indira Gandhi International Airport and the upcoming Jewar Airport, as well as to the metro station and the three major expressways - Noida- Greater Noida Expressway, Yamuna Expressway, and the upcoming FNG Expressway.

Mr Gaurav Pandey, MD & CEO of Godrej Properties Ltd, said, “We are delighted with the response to our project, Godrej Tropical Isle. We’d like to take this opportunity to sincerely thank our customers who have reposed their faith in Godrej Properties. We will do our best to ensure that Godrej Tropical Isle offers its residents an outstanding living experience. Noida is an extremely important market for Godrej Properties and we will look to further strengthen our presence in the years ahead.”

GPL has a market cap of over Rs 43,000 crore with a 3-year stock price CAGR of 23 per cent. The company reported amazing numbers in its Quarterly Results and annual results.

On Tuesday, shares of GPL plunged 1.28 per cent to Rs 1,576.5 per share from its previous closing of Rs 1,596.95. The stock reached an intraday high of Rs 1,598.95 and an intraday low of Rs 1,566.

The stock is up by 55 per cent in just 6 months, 87 per cent in 3 years and generated multibagger returns of over 800 per cent in a decade. Investors should keep an eye on this realty stock.

Disclaimer: The article is for informational purposes only and not investment advice.