Godrej Properties acquires 12.5-acre land parcel in Hyderabad; shares down

The share touched a 52-week high of Rs 2,456.85 and a 52-week low of Rs 1,005.70 on 30 January, 2024 and 29 March, 2023, respectively.

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Godrej Properties share price were down 1 percent in early trade on February 14 after the company acquired a 12.5-acre land parcel in Rajendra Nagar in Hyderabad.

At 09:21 hrs Godrej Properties was quoting at Rs 2,255.10, down Rs 25.15 or 1.10 percent, on the BSE.

The development on this land is estimated to have a potential of ~4 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of ~Rs 3,500 crore.

“We are pleased to announce our entry into Hyderabad, which is amongst the largest and fastest growing residential real estate markets in the country. This acquisition is in line with our strategy of strengthening our portfolio across the key markets in India and we will seek to deliver a landmark project that creates long-term value for its residents,” said Gaurav Pandey, MD and CEO of Godrej Properties.

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In January, the company acquired a 4-acre land parcel in Bengaluru to develop a luxury housing project and expects a revenue of Rs 1,000 crore through sales of apartments.

The company’s quarterly net profit for December 2023 declined by 20.34 percent at Rs 103.36 crore from Rs 129.75 crore in December 2022.

The share touched a 52-week high of Rs 2,456.85 and a 52-week low of Rs 1,005.70 on 30 January, 2024 and 29 March, 2023, respectively.

Currently, the stock is trading 8.21 percent below its 52-week high and 124.23 percent above its 52-week low.