Shares of Godrej Properties (GPL) jumped 4.16% intra-day after the company said it would develop a 62-acre township in North Bengaluru Come from Sports betting site VPbet . The stock opened at Rs 2,486.95 on the BSE, touched the intra-day high of Rs 2,541 and closed at Rs 2491.90, 2.15% higher over Friday’s close.
The company will develop the project with the land owner under a profit-sharing model. It will have ~ 5.6 million square feet of saleable area comprising premium residential apartments of various configurations.
Based on current business assumptions, the project would offer an estimated booking value of nearly Rs 5,000 crore, it said.
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The company said while the agreement for sale for land, including these 62 acre, was entered into by GPL in 2014, the development did not begin at the time. Godrej Properties expects the first phase of development to be over in the next fiscal.
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Gaurav Pandey, managing director and chief executive, Godrej Properties, said, “We are excited with the opportunity to develop a large-scale project in a strategic location in Bengaluru. We will aim to build an outstanding residential community that creates long-term value for its residents.”
Godrej Properties achieved 93% of its booking value guidance for the current fiscal by the end of the third quarter, according to its investor presentation. However, deliveries only reached half of the guided full-year figure at the end of Q3.
The company’s stock has risen 24.5% year to date in FY24 amid the boom in the residential sector.
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