Godrej Properties shares gain as realtor acquires land in Pune

Shares of Godrej Properties rose over 2% on Tuesday after the realty major announced the acquisition of an approximately 16-acre land parcel in Pune's Upper Kharadi locality, set to be developed into a premium group housing and high-street retail project.

Godrej Properties stock climbed 2.17% to Rs 2482.90 on Tuesday against the previous close of Rs 2429.95 on BSE. Market cap of the firm stood at Rs 73,635 crore. 

The development is expected to have a total developable potential of 2.5 million square feet, with an estimated revenue potential of ₹3,100 crore. This acquisition is the company's second land purchase this month in the Kharadi-Wagholi belt, reflecting the rising demand and growth opportunities in this micro-market.

In addition to the Pune project, Godrej Properties is also embarking on a new premium residential project in Bengaluru. This development will be located on a strategically situated 14-acre land parcel with a developable potential of approximately 1.5 million square feet and an estimated revenue potential of ₹1,500 crore.

The cumulative revenue potential from these two projects is anticipated to reach ₹7,300 crore, based on current business assumptions.

Gaurav Pandey, MD and CEO of Godrej Properties, expressed confidence in Pune's Upper Kharadi as an emerging real estate corridor, driven by its evolving infrastructure and strong connectivity. He stated, "Upper Kharadi has rapidly emerged as one of Pune’s most promising real estate corridors, driven by its evolving infrastructure and strong connectivity. This marks our second land acquisition in the micro-market, reflecting both the area's growing demand and our commitment to expanding in high-potential urban clusters across India."

The strategic location of these projects is expected to enhance connectivity to major commercial hubs, further boosting their attractiveness to potential buyers and investors. The projects are poised to cater to the increasing demand for premium housing and retail spaces in these thriving urban areas.