Godrej Properties stock up 3% on agreements to develop township in Bengaluru

Shares of Godrej Properties Limited traded 3.5 percent higher on March 4 morning after the company announced it has entered definitive agreements to develop a township project on a 62-acre land parcel in North Bengaluru.

“While an agreement for sale for land, including this 62 acre, was entered into by the company in 2014, the development wasn’t able to commence at the time. Over the past few months, the 62 acre development opportunity has crystallised and the company now expects to launch the first phase of development on this land in the upcoming financial year,” the real estate major said in a statement.

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The township development will follow a profit-sharing model and is set to provide approximately 5.6 million square feet of saleable area. The estimated booking value for this development is Rs 5,000 crore, the company said.

Last week, Moneycontrol reported that Godrej Properties emerged as the highest bidder for a 6.45-acre group housing plot in Noida. The total bid value for this acquisition was Rs 506 crore, as stated by officials.

The Mumbai-based company has plans to develop residential group housing in Noida Sector 44. This group housing plot spans over 26,000 square meters and was made available for sale through an e-auction conducted by the Noida Authority in December 2023.

“During the e-auction today (February 26), Godrej made the highest bid at Rs 506 crore and won the bid for the plot,” a Noida Authority official told Moneycontrol.

At 9.30 am, the counter was trading at Rs 2,500, up 2.5 percent on the National Stock Exchange (NSE) from the previous close. In the last three months, the stock has gained nearly 31 percent on the bourses.

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