Godrej Properties gains on buying land parcel in Raigad

Godrej Properties rose 1.10% to Rs 1176.90 after the company announced that it has entered into an agreement for outright purchase of a land parcel in the fast-developing micro market of Khalapur in Raigad, Maharashtra.

Spread across 89 acres, the proposed project is located near Imagicaa Theme Park and is estimated to have a development potential of approximately 1.9 million square feet of saleable area comprising primarily of residential plotted development.

"About 70 kms away from Mumbai, Khalapur is a scenic location with well-developed social and civic infrastructure consisting of multiple schools, health facilities, retail malls, and entertainment outlets. The subject land is in close proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune. The proposed Navi Mumbai International Airport will further boost connectivity to Khalapur and surrounding areas," the company said in a statement.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Residential plotted development has gained significant traction in recent years and Khalapur is a promising micro market in which to expand our presence in this space. We will aim to build an outstanding residential community that creates long-term value for its residents."

Godrej Properties is engaged in the business of real estate construction, development and other related activities. In FY 2021, the company emerged as the largest developer in India by the value and volume of residential sales achieved.

The company's consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22. The board will consider Q3 results on 2 February 2023.

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