Godrej Properties rose 1.44% to Rs 1,189.80 after the realty major announced that it has expanded its residential portfolio in National Capital Region (NCR) through the purchase of 62 acres of land in Kurukshetra, Haryana.
The Mumbai-based real estate developer said that it has acquired approximately 62 acres of land in Kurukshetra, Haryana. This project will offer approximately 1.4 million square feet of plotted residential development, offering attractive plot sizes along with exceptional lifestyle amenities.
The site is strategically located with access from National Highway 44. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, hospitals and has significant historical and religious importance.
Gaurav Pandey, MD & CEO Designate, Godrej Properties, said, We are pleased to announce our entry into Kurukshetra. Haryana has been a key market for us and we look forward to further strengthen our presence in Haryana with this project. We will aim to build an outstanding residential community that creates long term value for its residents.
Separately, on 24 December 2022, the company said that it has entered into a joint venture with Neelkamal Realtors Tower (NRTPL) for development of property situated at Cadastral Survey No. 1906 of Byculla Division, E-Ward, Mumbai.
The project is being developed by the company through a , viz, Godrej Residency (GRPL), wherein the company will hold 50.01% and the balance 49.99% will be held by NRTPL. The expected date for the completion of the sale is 28 December 2022.
Meanwhile, the real estate firm on 23 December 2022 announced that it has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana. The development will comprise predominantly of premium residential apartments. This will be one of GPL's largest residential developments in Gurugram and significantly strengthens its presence in the city. The site is strategically located with easy access to National Highway 48 and Northern Peripheral Road, the company stated.
Godrej Properties is engaged primarily in the business of real estate construction, development and other related activities. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
The company's consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22.
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