Godrej Properties shares in focus as realtor buys land parcel in Kolkata

Godrej Properties on Thursday told stock exchanges that it will acquire a land for a luxury residential project in Kolkata, saying the project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of approximately Rs 1,200 crore.

In a BSE filing, Godrej Properties said it will acquire a 7.44 acre land parcel at New Alipore, a premium residential locality in Kolkata from West Bengal Housing Infrastructure Development Corporation, having been declared as the highest bidder in its e-auction.

Godrej Properties will develop the land parcel as a luxury group housing project. New Alipore has an established physical and social infrastructure. The location offers excellent connectivity to all major social and commercial hubs of Kolkata city, the company said.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are happy to acquire this land parcel in one of the premium locations in Kolkata. The demand for luxury realty has been strong over the past few years. This will be our second luxury development in the city, and we aim to build an outstanding residential community that creates long term value for its residents."

Godrej Properties shares traded at Rs 1,513.25 in pre-open trade, up 0.38 per cent.

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