Godrej Properties acquires 60 acres of land in Chennai

The project will have a developable potential of approximately 1.6 million square feet

A subsidiary of Godrej Group and one of India’s leading real estate developers today announced that it has purchased 60 acres on an outright basis in the fast-developing micro market of Oragadam Junction, Chennai. Spread across 60 acres, the proposed project is estimated to have a developable potential of approximately 1.6 million squares of saleable area, comprising primarily of residential plotted development.

The site is strategically located between grand south trunk road (GST road) and NH-4, just off Oragadam Junction (on the 6-lane SH-48) offering access to other parts of the city via Chennai Bypass Road, Chennai Tiruvallur High Road and Red Hills Road.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India's leading cities. We will aim to build an outstanding plotted development project in Chennai that creates long term value for its residents.”

Godrej Properties is a realty firm of the Godrej Group and it is one of the leading real estate development companies in India. Currently, their business focuses on residential, commercial and township developments.

Today, the stock opened at Rs 1238.05 with a high and low of Rs 1250.00 and Rs 1232.50. The stock is currently trading at Rs 1240.60, up by 0.26%.

In the last six months, the shares of the company have given about -5% returns and on a YTD basis, the stock has given 0.34% returns.

The stock has a 52-week high of Rs 2012.70 and a 52-week low of Rs 1130.20. The company has a ROCE of 4.83% and an ROE of 3.85%, with a market capitalisation of Rs 34,426 crore.