Godrej Properties adds project in Chandivali

Godrej Properties Limited has informed the bourses that it has entered into an agreement to purchase land in the upcoming and fast developing micro-market of Chandivali, Mumbai.

The land is spread across approximately three acres and this project will offer 41,800 square meters (0.45 million square feet) of saleable area comprising primarily of residential apartments of various configurations with a small amount of retail space.

Situated in a close proximity to the bustling suburb of Powai, Chandivali is one of the preferred residential locations in Mumbai. The site is strategically located and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential and commercial spaces in close proximity.

Also, the company had announced about its new project in New Delhi last week. The land acquisition value was of Rs 1,359 crore. The project is situated 11 kms away from Connaught Place, which is in the heart of Delhi. It is spread over 26.58 acres. This development will offer approximately 3 lakh square meters (3.28 million sq. ft.) of development potential and will be developed as a luxury group housing project offering world-class lifestyle amenities.

For the period 9MFY20, the company managed to sell about 5.2 million square feet, worth about Rs 3,500 crore, which represents a YoY growth in the booking value of 12 per cent.

On Friday, the stock of Godrej Properties opened at Rs 1,036 and slipped by 4.9 per cent to Rs 984.90.