Godrej Properties To Redevelop Residential Project In Mumbai; Stock Rallies 6%

Godrej Properties: The project will offer about 1.6 million square feet of saleable area comprising residential apartments of various sizes, the company said

Godrej Properties To Redevelop Residential Project In Mumbai; Stock Rallies 6%

At 12:20 pm, Godrej Properties shares were trading at Rs 2,372, higher by 6.20 per cent, on the BSE

Godrej Properties has entered into an agreement to redevelop a land parcel at Wadala in Mumbai. Spread across 7.5 acres, the project will offer about 1.6 million square feet of saleable area comprising residential apartments of various sizes, Godrej Properties said in a regulatory filing to the stock exchanges.

Mr Mohit Malhotra, MD & CEO, Godrej Properties said, "We are happy to add this important new project in Wadala. This marks our entry into an important micro market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets."

The project is situated in close proximity to Matunga Five Gardens and on its eastern side, it will enjoy uninterrupted views of the eastern seaboard.

Meanwhile, last week, Godrej Properties achieved record sales at its Godrej Woods project in Noida. The company sold as many as 340 homes on the first day of the launch of second phase of Godrej Woods, garnering Rs 575 crore.

Godrej Properties is the real estate venture of the Godrej Group, with a presence in 10 cities across the country.

At 12:20 pm, Godrej Properties shares were trading at Rs 2,372, higher by 6.20 per cent, on the BSE, as against a 0.6 per cent decline in the benchmark indices.

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