Godrej Properties shares in news as realtor to develop land parcels in Bengaluru, Pune

Shares of Godrej Properties are in focus today after the Mumbai-based real estate developer said that it would develop a nearly 11-acre land parcel in Pune. The development on this land will comprise primarily Group Housing and High Street Retail. The Pune project is likely to have a developable potential of nearly 2.2 million square feet with an estimated revenue potential of Rs 1,800 crore.

Additionally, the company has also purchased nearly 7 acre in Thanisandra in North Bengaluru to develop a high-end residential project. The developable potential of this project is nearly 9 lakh square feet with a revenue potential of nearly Rs 1,200 crore.

The large cap stock ended 3.35% higher at Rs 3207.80 on BSE on Friday. Total 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 6.23 crore on BSE. Market cap of the realty firm rose to Rs 89,195 crore on BSE.

Godrej Properties stock trades higher than 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 102% in one year and gained 60.33% in 2024.

The share hit a 52-week high of Rs 3220 on June 28, 2024 and a 52-week low of Rs 1496.40  on August 14, 2023.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “Hinjewadi is an important micro market for us in Pune and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding gated community that creates long-term value for its residents.”