Shares of Godrej Properties rose 6 per cent to hit a brand new excessive of Rs 968 in morning commerce on BSE on Friday after Mumbai-based actual property developer introduced the addition of a brand new residential challenge in Vashi, Navi Mumbai.
Earlier on April 3, Godrej Properties had stated that it had entered right into a three way partnership with a famend developer to develop a 4.25-acre sea-facing property in Mumbai’s prime suburban micro-market, Sandra West.
The corporate in a press launch had stated that the challenge would supply roughly 1 lakh sq. meters (about 1.1 million sq ft) of salable space and could be developed as a luxurious residential challenge.
In the meantime, Godrej Properties has additionally elevated its fairness stake in Surprise Area Properties Pvt Ltd from 25.1 per cent to 96.03 per cent, buying fairness shares from Shubh Properties Cooperative.
On account of the above acquisition, Surprise Area Properties has develop into a subsidiary of the Firm with impact from April 4, 2019.
Within the final 4 buying and selling days, Godrej Properties has registered a rally of 19 per cent after registering its finest quarterly gross sales efficiency within the January-March quarter (Q4FY19). As compared, the S&P BSE Sensex was up lower than 1 per cent throughout the identical interval. Godrej Properties had offered over 2,900 houses through the quarter with a complete space of about 3.75 million sq ft and a reserving worth of over Rs 2,100 crore. Q4FY19 was the corporate’s finest ever quarter for bookings, eclipsing its earlier finest ever residential gross sales quarter, which was achieved by almost 50 per cent in Q3 FY19.