Godrej Properties acquires a plot of land for a residential project at Manor-Palghar | Jobs Recent

The project will offer a potential booking value of around Rs 500 crore.

Mumbai-based real estate developer Godrej Properties said it has entered into an agreement to acquire land outright in the fast-growing micro market Manor, Palghar.

Spread over approximately 50 acres, the proposed project is estimated to have a development potential of approximately 1.2 million square feet of salable area, consisting primarily of residential lots.

Manor, Palghar, Boisar and Wada have become popular investment micro-markets due to their popularity as well-known weekend destinations of historical and religious significance.

Manor is a self-sufficient town with good infrastructure consisting of many schools, colleges, hospitals and markets. The plot in question is near the Mumbai-Ahmedabad highway, which connects the major cities of Maharashtra and Gujarat. The proposed Mumbai-Ahmedabad high-speed train will also have a station near the mansion in Boisar.

Based on current business assumptions, the company expects the project to offer a potential booking value of approximately Rs 500 crore.

Mohit Malhotra, MD & CEO, Godrej Properties said, “Manor is a promising micro market for planned development and we are delighted to add this project to our portfolio.

Post-covid, the demand for high-end secondary housing has increased. This project will address this consumer segment and complements our strategy of deepening GPL’s presence in residential micro markets.

Godrej Properties is the real estate part of the Godrej Group. It is a subsidiary of Godrej Industries, which holds 47.34% of the company’s equity shares as of September 30, 2022. The company currently operates in various cities and focuses on residential, commercial and urban development.

On a consolidated basis, the company’s net profit rose to Rs 45.55 crore in the first quarter of FY2022 as compared to Rs 17.03 crore in the first quarter of June 2021. Net sales rose to Rs 244.67 crore in the first quarter of FY2023 from Rs 86.16 crore in Q1FY22.

The stock fell 2.05% to close at Rs 1,241.10 on BSE yesterday.

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(This story has not been edited by Business Standard staff and is automatically generated from an aggregated feed.)

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