Godrej Properties jumped 5.50% to Rs 180.30 at 13:36 IST on BSE after the company said it will develop a new project in Vikhroli through its agreement with Godrej & Boyce.
The company made the announcement during trading hours today, 11 March 2014.
Meanwhile, the BSE Sensex was down 90.75 points, or 0.41%, to 21,844.08.
On BSE, so far 2.51 lakh shares were traded in the counter, compared with an average volume of 54,318 shares in the past one quarter.
The stock hit a high of Rs 181.50 and a low of Rs 171.85 so far during the day. The stock hit a record low of Rs 153.90 on 30 January 2014. The stock hit a 52-week high of Rs 296.76 on 9 May 2013.
The stock had underperformed the market over the past one month till 10 March 2014, rising 7.86% compared with the Sensex's 7.87% rise. The scrip had, however, outperformed the market in past one quarter, rising 4.56% as against Sensex's 3.20% rise.
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The mid-cap company has an equity capital of Rs 99.62 crore. Face value per share is Rs 5.
Godrej Properties (GPL), the real estate development arm of the Godrej Group, announced that it has entered into an agreement with Godrej & Boyce (G&B) to develop a new project on the latter's property on the Eastern Express Highway, Vikhroli, Mumbai. The potential saleable area in this project will be up to 800,000 square feet (sq. ft.) and is likely to comprise of premium residences as well as a small component of convenience retail.
Godrej Properties will act as development manager and will work with G&B on the conceptualisation, design, sales, and marketing of the the project. For its services, Godrej Properties will receive a fee equal to 10% of the total revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager, the company said in a statement.
Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces. The first project under this agreement was Godrej Platinum, a residential development of approximately 600,000 sq. ft. across four towers. Three of these towers have been 100% sold and are at an advanced stage of construction. The last of the four towers will be launched in the next few months. Godrej Platinum is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. In addition to Godrej Platinum and this new project, Godrej Properties is also developing a 35 acre mixed-use development in Vikhroli called The Trees, the company said.
Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said "We are happy to add this exciting new project to our Vikhroli development portfolio. We now have about 5 million .sq. ft. of saleable area in Vikhroli that is under various stages of execution or planning.. This new development will add to the scale of our operations in Vikhroli and will help us build momentum in establishing Vikhroli as Mumbai's most exciting destination."
On a consolidated basis, Godrej Properties' net profit rose 5.3% to Rs 37.36 crore on 11.3% decline in net sales to Rs 213.96 crore in Q3 December 2013 over Q3 December 2012.
Godrej Properties is into real estate development. It is currently developing residential, commercial and township projects spread across 8.41 million square meters (90.5 million square feet) in 12 cities.
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