Hubtown rose 1.13% to Rs 286 after its subsidiary, Rare Townships, announced a development management agreement with Gopani Realty LLP (GRL) for the development of the 'Rising City' project in Ghatkopar, Mumbai.
The agreement shall allow the company to ensure the project is completed faster. GRL shall be responsible for providing funding to complete the wings in the project in a faster timeframe.The wings A1-A5 in the Rising City project is being completed by the company with funding from SBI Ventures (SWAMIH Fund), secured in April 2024. With this, Phase I (Buildings A1-A6) of the project has been financially closed, with delivery scheduled to begin in FY26.
Hubtown is engaged in real estate business of construction and development of Residential and Commercial Premises, build-operate Operate Transfer (BOT) Projects, etc.
The company reported a consolidated net profit of Rs 16.65 crore in Q2 FY25 as compared to a net profit of Rs 2.56 crore recorded in Q2 FY24. Net sales jumped 77.9% year on year to Rs 98.94 crore in Q2 FY25.
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