Godrej Properties acquires 89 acres of land in Khalapur, Maharashtra

The project will have a developable potential of approximately 1.9 million square feet

A subsidiary of Godrej Group and India’s leading real estate developers today announced that it has purchased 89 acres of land in Khalapur, Maharashtra. The proposed project is located near Imagicaa Theme Park and is estimated to have a development potential of approximately 1.9 million square feet of saleable area comprising primarily of residential plotted development.

Khalapur is a scenic location with well-developed social and civic infrastructure consisting of multiple schools, health facilities, retail malls, and entertainment outlets. The subject land is in close proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune. The proposed Navi Mumbai International Airport will further boost connectivity to Khalapur and surrounding areas.

Gaurav Pandey, MD & CEO of Godrej Properties, said, “Residential plotted development

has gained significant traction in recent years and Khalapur is a promising micro market in which to expand our presence in this space. We will aim to build an outstanding residential community that creates long-term value for its residents.”

Today, the stock opened at Rs 1160.15 and made a high and low of Rs 1189.60 and 1152.00. It closed trading at Rs 1181.25 up by 1.47%.

In the last 6 months, the shares of the company have declined more than 20% returns and, on a YTD basis, it declined about 5%. The scrip is a part of group A with a market capitalisation of Rs 32,841.23 crore.

The stock has a 52-week high of Rs 1791.85 and a 52-week low of 1130.20. The company has a ROCE of 4.83% and an ROE of 3.85%.