Tuesday 6 August 2013

Godrej Properties surges on inking agreement to develop 13.76 acre property at Gurgaon

Godrej Properties is currently trading at Rs 475.00, up by 1.50 points or 0.32% from its previous closing of Rs 473.50 on the BSE.

The scrip opened at Rs 475.00 and has touched a high and low of Rs 475.00 and Rs. 475.00 respectively.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 689.00 on 07-Dec-2012 and a 52 week low of Rs 467.15 on 05-Aug-2013.

Last one week high and low of the scrip stood at Rs 510.70 and Rs 467.15 respectively. The current market cap of the company is Rs 3696.93 crore.

The promoters holding in the company stood at 74.98% while Institutions and Non-Institutions held 16.77% and 8.25% respectively.

Godrej Properties (GPL), the real estate development arm of the Godrej Group, has entered into a Development Agreement with Oasis Buildhome to develop a 13.76 acre property situated on Northern Periphery Road (NPR) in Sector 88A/89A, Gurgaon. The project will be developed as a premium residential group housing project and is expected to offer 1.2 million square feet of saleable area.

This well located parcel of land has strategic access from the existing Pataudi Road and the NPR. Upcoming road infrastructure will further enhance the connectivity of the project to Delhi and other parts of Gurgaon.

The company is currently developing two residential projects in Gurgaon, Godrej Frontier and Godrej Summit, and has recently added a new project in Okhla, New Delhi where it plans to do a premium residential development. As with most Godrej Properties projects, this project is being done as a joint venture.

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