Godrej Properties gains on plans for luxury residential project in Kolkata

Godrej Properties will acquire 7.44 acres in New Alipore from the West Bengal Housing Infrastructure Development Corporation Ltd after emerging as the highest bidder for the land parcel

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Godrej Properties’ share price gained in the early trade on June 15 after the developer said it would acquire land for a luxury residential project in Kolkata.

Godrej Properties will acquire a 7.44-acre land parcel at New Alipore from West Bengal Housing Infrastructure Development Corporation Ltd after it was declared the highest bidder in an e-auction. The company will develop this land parcel as a luxury group housing project.

The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore, it said.

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“We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years. This will be our second luxury development in the city, and we aim to build an outstanding residential community that creates long-term value for its residents,” said Gaurav Pandey, MD & CEO, Godrej Properties.

At 9.24 am, Godrej Properties was quoting at Rs 1,514, up Rs 6.50, or 0.43 percent, on the BSE.

The share touched a 52-week high of Rs 1,530.75 on  August 1, 2022 and a 52-week low of Rs 1,005.70 on March 29, 2023. It is trading 1.09 percent below its 52-week high and 50.54 percent above its 52-week low.