Godrej Properties to redevelop residential project in Mumbai
Published On: Wednesday, September 29, 2021 | By: Team KnowMyStock
Shares of Godrej Properties hit a new high of Rs 2,409.95 as they rallied 8 percent on the BSE in the intra-day trade on Wednesday and the stock has skyrocketed 60 percent in a month after the company said it will develop a residential project in Wadala, Mumbai. Also, the reason behind this rally was attributed to expectations of strong demand ahead of the festive season, no property price hike by developers, low-interest-rate regime, and easing of Covid-19 restrictions, ” 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 the saleable area comprising residential apartments of various sizes, Godrej Properties said in a regulatory filing to the stock exchanges.
“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. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents," said Mohit Malhotra, managing director, and CEO, Godrej Properties. 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.In September, the company said it has sold 340 homes, constituting half a million square feet, worth ₹575 crore, on the launch day of the second phase of its ‘Godrej Woods’ project in Noida.
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