Godrej Properties adds 4 new residential projects, stock surges

The Mumbai-based real estate developer, Godrej Properties Limited (GPL), has added three new projects in MMR and one in Bangalore, thereby, adding approximately 12.70 million square feet of new development potential.

GPL has entered into a joint venture (JV) to develop a township project of over 100 acres in the well-established and growing residential market of Navi Mumbai. This project will offer approximately 7.5 million square feet of development area, which will be developed as a residential infrastructure with a retail component.

The second project is a JV with Nisarg Nirman Developers to develop a land parcel of approximately 6.4 acres in the fast emerging market of Ambernath, MMR. This project will offer approximately 1.1 million square feet of development area, which will be developed as a group housing project.

The third project is an outright purchase of land in the rapidly developing city of Thane. Spread across approximately 8 acres, this project will offer approximately 1.10 million square feet of development area, comprising primarily of residential apartments with some retail space.

The fourth project is a JV with the promoters of Universal Builders in KIADB Hardware Park, Bagalur, North Bangalore. This project will be a modern affordable housing project of approximately 3 million square feet across 22 acres of land. The site is on the main State Highway 104 and has a good connectivity to the airport and several key hubs of Bangalore.

These projects will significantly enhance GPL's portfolio and strengthen the company's presence in key markets across India's leading cities.

Reacting to this announcement, the stock of GPL surged by 3.5 per cent to Rs. 933.25 from its previous close of Rs. 901.25 in the morning session on BSE.