Godrej Properties shares gain 2% as developer buys 109 acres of land parcel in Nagpur

Shares of Godrej Properties Ltd gained 2 per cent in Friday's trade after the company said it has acquired 109 acres land parcel in Nagpur. The development on the land, Godrej properties said,  would comprise primarily of plotted residential units, adding that the land parcel will offer an estimated saleable area of 2.2 million square feet.

The stock rose 1.90 per cent to hit a high of Rs 1,565.85. It is up 25 per cent year-to-date. The land parcel is strategically located near Samrudhhi Mahamarg, which is the expressway connecting the cities of Mumbai & Nagpur. It is also located near MIHAN SEZ and offers good connectivity to the Mumbai - Kolkata highway and Dr Babasaheb Ambedkar International Airport, Nagpur, Godrej Properties said.

The location offers a well-developed social and municipal infrastructure, that includes hospitals, schools, retail, and entertainment venues, it added.

MD & CEO at Godrej Properties Gaurav Pandey said, “We are happy to add this new project in Nagpur to our portfolio. This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding plotted development project in Nagpur that creates long-term value for its residents."

In a related party transaction, Godrej Properties had on Thursday suggested that it has acquired 49 per cent equity shares of Godrej Skyline Developers Private Limited from existing shareholder, taking its stake (together with its wholly-owned subsidiary viz Godrej Projects Development) in the company to 93 per cent.

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