Godrej Properties to develop a 14.27 acres residential group housing project in Gurugram

5paisa Research Team 23rd December 2022 - 06:59 pm

The project has a revenue potential of about Rs 3,000 crore.

A subsidiary of Godrej Group and India’s one of the leading real estate developers entered into an agreement to develop premium residential apartments in Gurugram, Haryana. According to the regulatory filing, the project has a revenue potential of approximately Rs 3,000 crore.

The regulatory filing of Godrej Properties also stated that this will be godrej’s one of the largest residential developments in Gurugram of and significantly strengthens its presence in the city This is the 9th project addition for Godrej Properties in FY23 and it takes the cumulative expected booking for FY23 to approx Rs 19,500 crore against the full-year guidance of Rs 15,000 crore.

Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, “We are pleased to announce the addition of this large and strategically important project in Gurugram. This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets. We will aim to build an outstanding residential community that creates long term value for its residents”

Earlier on 2nd December 2022, Godrej properties informed that it has acquired 18-acre land parcel in Kandivali, Mumbai.

In the recent quarter, Q2FY23 the revenue of the company jumped 27.65% YoY, while on a QoQ basis it declined by 32.65% to Rs 165 crore. The net profit of the company went up by 55.81% to Rs 67 crore due to an increase in other incomes of the company.

Today, the stock opened at Rs 1220.00 and made a high and low of Rs 1220.00 and Rs 1167. The stock previously closed at Rs 1227.90. Today, the stock closed trading at Rs 1172.90 down by 4.48%.

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5paisa Research Team

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