Godrej Properties gains on Nagpur land parcel acquisition

According to the company, the development on this land will comprise of primarily plotted residential units and will offer an estimated saleable area of 2.2 million square feet.

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Shares of Godrej Properties gained 2 percent at open on the NSE on September 29, as the company announced the acquisition of a land parcel of around 109 acres in Nagpur. At mid-day, the stock was trading at Rs 1,557.40, up 1.32 percent from yesterday’s close.

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According to a regulatory filing, the development on this land will primarily include plotted residential units, and will offer an estimated saleable area of 2.2 million square feet. On the acquisition, Gaurav Pandey, MD & CEO, Godrej Properties, said that this will help further enhance their presence in Nagpur. The move fits within their strategy of strengthening their presence across key micro-markets in India, he said.

“We will aim to build an outstanding plotted development project in Nagpur that creates long-term value for its residents,” he added.

The land parcel is located near the expressway connecting Mumbai and Nagpur and MIHAN SEZ.

Also read: Godrej Properties acquires 109-acre land parcel in Nagpur

The company delivered 4.9 million square feet area in the June quarter and the collections grew by 26 percent to Rs 1,954 crore in Q1FY24.

For the June 2023 quarter, Godrej Properties reported total sale bookings of Rs 2,254 crore with a booking value of Rs 656 crore in the Mumbai Metropolitan Region (MMR), Rs 548 crore in Delhi-NCR, Rs 509 crore in Bengaluru and Rs 446 crore in Pune.

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