Godrej Properties up 10 per cent on record performance in Q4

On the first day of the fiscal year 2019-20, the real estate developers Godrej Properties announced its Q4FY19 performance. The company in its exchange filing said that in the recently concluded quarter it recorded the highest ever booking and sold around 2,900 homes. The total area of that the company managed to sell was at 3.75 million square foot (msf) with a booking value of over Rs. 2,100 crore.

The company believes that this stellar performance was on account of the launch of four new projects combined with very strong sales from existing inventory.
This robust performance from Godrej Properties illustrated its ability and strength to sustain and grow even in the time when the sector is facing issues like liquidity crunch.
Earlier, the GST Council has reduced tax rates for under construction flats from 12 per cent to 5 per cent which would further improve buyers’ sentiments, this became effective from April 1.

Reacting to this development, the stock of Godrej Properties shines on the bourses with around 10 per cent gain from the previous close. The stock touched intraday high of Rs. 894.25 apiece and at 12:47 hours, it was trading at Rs. 887 per share, up by Rs. 73.7 or 9 per cent on Tuesday.