Godrej Properties (GPL) advanced 1.07% to Rs 2,718.95 after the company announced that it has acquired a 53-acre land parcel in Kolkata with an estimated potential development of 1.3 million square feet of saleable area.
The land parcel comprises primarily residential plotted development with an estimated revenue potential of Rs 500 crore.
The land is strategically located in the fast-developing micro-market of Joka, which is close to the main city and in proximity to Diamond Harbour, a well-known seaside weekend getaway.
Gaurav Pandey, MD and CEO of Godrej Properties said, This land acquisition fits with our strategy of deepening our presence across Indias leading cities. We will aim to build an outstanding plotted development project in Joka that creates long term value for its residents.
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 30 September 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
The companys consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24. Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.
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