Godrej Properties shares in focus as company adds 31-acre parcel in Indore

Godrej Properties Ltd shares will be in focus on Friday after the real estate developer announced the addition of an approximately 31-acre land parcel on Indore-Ujjain Road in Indore for a plotted residential development. The proposed project is expected to have an estimated saleable area of around 0.7 million square feet, marking the company's third project in the city.

The addition will strengthen Godrej Properties' presence in Indore, where it already has two plotted developments,  Godrej Greenview Estate and Verdania Estate. Both projects have witnessed strong customer demand and are at an advanced stage of completion, the company said in its November 13 press release.

Godrej Properties shares closed at Rs 1,880 on Thursday, rising 4.91% from their previous close of Rs 1,792. The stock opened at Rs 1,792 and touched a high of Rs 1,880 during the session, while its low stood at Rs 1,792.

Godrej Properties' new Indore project: Key details

The proposed development will be located along Indore-Ujjain Road, which the company described as one of the city's rapidly growing residential corridors. The location offers connectivity to Indore International Airport, Ujjain and key commercial centres, besides access to established schools and hospitals.

Godrej Properties also highlighted the expansion of the metro network, growth in the corporate and IT sectors, and ongoing infrastructure development as factors supporting the residential market in the region. It noted that demand for plotted homes has been increasing as buyers look for larger spaces and the flexibility to design their own houses.

The planned project will offer residential plots in different sizes, supported by infrastructure, recreational spaces and premium amenities.

What Godrej Properties said

Commenting on the development, Gaurav Pandey, MD and CEO of Godrej Properties, said, "Indore is one of India’s most promising real estate markets, and we see significant long-term potential here."

He added that the location would allow the company to develop a thoughtfully planned community while building on the momentum of its existing projects in the city. Pandey said the addition reflected the company's commitment to creating value in high-growth markets where demand for branded plotted developments continues to increase.