Godrej Properties rose 2.53% to Rs 342.95 at 10:33 IST on BSE after the company said that it sold 300 apartments within one week at its flagship project in Mumbai.
The announcement was made during trading hours today, 7 December 2015.
Meanwhile, the BSE Sensex was up 13.41 points, or 0.05%, to 25,651.52.
On BSE, so far 25,000 shares were traded in the counter, compared with an average volume of 93,073 shares in the past one quarter.
The stock hit a high of Rs 352 and a low of Rs 335 so far during the day. The stock hit a 52-week high of Rs 374.50 on 20 October 2015. The stock hit a 52-week low of Rs 231.55 on 30 April 2015.
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The stock had outperformed the market over the past one month till 4 December 2015, sliding 1.36% compared with 3.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.62% as against Sensex's 1.73% rise.
The mid-cap company has an equity capital of Rs 99.76 crore. Face value per share is Rs 5.
Godrej Properties announced that it has sold 300 apartments within one week at The Trees, its flagship project in Vikhroli, Mumbai. This represents more than 80% of the 374 apartments it opened for sale in the first phase of this project. The value of apartments sold is in excess of Rs 700 crore, making this Godrej Properties' most successful ever launch in terms of value of real estate sold. This is also one of the country's most successful recent launches.
The Trees mixed-use development contains a commercial precinct spread across 9.4 acres, which houses Godrej One, the Godrej Group's global headquarters. The central mixed use precinct, spread over 9.2 acres, will comprise of a 5 star luxury hotel, cultural buildings, luxury residential, and a high street retail park. The more private luxury residential precinct spread across 6.7 acres, which was recently opened for sale, will house a community of residential buildings with private parks and an iconic clubhouse facility. Adaptive reuse of heritage industrial structures within the development creates a unique and distinctive design and cultural experience, the company said in a statement.
The first phase of residences in the project contains a total of 374 apartments of various sizes and configurations with a saleable area of approximately 46,000 square meter (500,000 square feet). All the residences offer premium specifications and are designed to offer spectacular views of the internal courtyard, the central landscaped retail court, and the lush green mangroves, the company added.
On a consolidated basis, Godrej Properties' net profit jumped 127.8% to Rs 106.16 crore on 406.1% rise in net sales to Rs 1444.07 crore in Q2 September 2015 over Q2 September 2014.
Godrej Properties is into real estate development. The company is currently developing residential, commercial and township projects spread across 10.25 million square meters (110.30 million square feet) in 12 cities.
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