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Godrej Properties Acquires 53-Acre Land in Kolkata for ₹500 Crore

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Synopsis:

Godrej Properties has acquired 53 acres of land in Joka, Kolkata, with a revenue potential of ₹500 crore. The project will include 1.3 million square feet of residential plotted development, boosting the Godrej Properties share price.

Godrej Properties Ltd. has announced the acquisition of a 53-acre land parcel in Joka, Kolkata, for a project with an estimated revenue potential of ₹500 crore. The development will span 1.3 million square feet of saleable area, primarily focusing on residential plotted development.

GODREJ PROPERTIES LTD

Trade

2704.812.05 (0.44 %)

Updated - 21 November 2024
2737.35day high
DAY HIGH
2641.50day low
DAY LOW
430534
VOLUME (BSE)

Key Takeaways

  • Land Size: 53 acres acquired in Joka, Kolkata.

  • Revenue Potential: ₹500 crore from the project.

  • Development Area: 1.3 million square feet of saleable area.

  • Focus: Primarily residential plotted development.

  • Godrej Properties Share Price: Stock rose 2.41%, closing at ₹2,692.75 on Tuesday.

Also read: GNFC Partners with INEOS to Build 600kt Acetic Acid Plant in Gujarat

Strategic Location and Development Plans

The Joka project is strategically located in a fast-developing micro-market, providing proximity to Kolkata’s main city and Diamond Harbour. Godrej Properties plans to capitalise on the area’s growing demand by offering residential plots, aligning with its strategy to deepen its presence in key cities across India.

Parameter

Details

Location

Joka, Kolkata

Land Size

53 acres

Development Area

1.3 million sq. ft.

Project Type

Residential plotted development

Revenue Potential

₹500 crore

Market Impact and Godrej Properties Share Price

The announcement boosted investor confidence, with the Godrej Properties share price closing 2.41% higher at ₹2,692.75 on Tuesday. The stock has gained an impressive 33% year-to-date in 2024, reflecting the company’s strong performance and strategic acquisitions.

Also read: UPL’s Advanta Secures $350M Investment from Alpha Wave Global

Performance Highlights

Godrej Properties recently surpassed its full-year business development guidance of ₹20,000 crore. The company achieved 51% of its annual target, recording ₹13,835 crore in bookings. The Joka project further strengthens its portfolio, reinforcing its leadership in the real estate market.

Godrej Properties continues to expand strategically, enhancing its market position while generating significant value for stakeholders through its ambitious developments.

Also read: Adani Infra Launches Open Offer to Buy 26% Stake in PSP Projects

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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