Godrej Properties shares end higher on sale of over 1K homes in Gurugram

Shares of Godrej Properties Ltd (GPL) ended over 3% higher on Monday after the real estate developer said it sold homes worth over Rs 3,000 crore within three days at the launch of its project Godrej Zenith in Gurugram, Haryana. Godrej Properties shares closed 3.58% higher at Rs 2592 against the previous close of Rs 2502.30 on BSE. Earlier, the stock rose 7.58% intraday to a record high of Rs 2692.05.

Godrej Properties stock stands higher than 5 day, 20 day 30 day, 50 day, 100 day and 200 day moving averages. The stock has gained 130.35% in one year and risen 29.55% in 2024.

The share fell to a 52-week low of Rs 1,165 on April 10, 2023.

Total 1.42 lakh shares of the firm changed hands amounting to a turnover of Rs 37.21 crore on BSE. Market cap of the realty firm rose to Rs 72,068 crore on BSE.

Godrej Properties said it sold over 1,050 homes with over 2 million square feet of area in the project, making this its most successful ever launch by both value and volume of sales.

“In FY 24, this is the second time in Gurugram, and the fourth time pan India, that GPL has recorded launch sales of over Rs 2,000 crore Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, today announced that it has sold over 1,050 homes worth over Rs 3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram. This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved. Godrej Zenith is GPL's largest residential development in Gurugram. The company has recorded a 473% YoY rise in sales in Gurugram in FY24 and has a strong launch pipeline for FY25 which includes new project launches planned in Sector 103, Sector 43, and Sector 54. These planned launches will significantly strengthen GPL’s presence in the city,” said the real estate developer.

This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in FY24.

The company sold inventory worth Rs 2,690 crore in its project, Godrej Reserve, located in Kandivali, Mumbai in Q4 FY24. It also sold inventory worth over Rs 2,875 crore in its project, Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram, and achieved sales worth over Rs 2,000 crore in its project, Godrej Tropical Isle in Noida in Q2 FY24.

Gaurav Pandey, MD & CEO, Godrej Properties said, “We are delighted with the response to our project, Godrej Zenith. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Zenith offers its residents an outstanding living experience. Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead.”