Godrej Properties shares in focus as firm emerges as highest bidder for 3 plots in MMR

Shares of Godrej Properties Ltd are in focus today, as the real estate developer emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar, according to e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).

"The plots, measuring 6.54 acres, will offer a development potential of  2 million square feet, comprising premium residential apartments of varied configurations, with an estimated combined revenue potential of Rs 3,500 crore," Godrej Properties said.

Gaurav Pandey, MD & CEO at Godrej Properties, said his company's entry into the Kharghar micro-market aligns well with the strategy of strengthening portfolio across the key real estate markets in India.

"We will aim to build an outstanding residential community that creates long-term value for its residents," he said.

Sector 5-A, Kharghar, has connectivity with key transport hubs, including Kharghar & CBD Belapur Railway Stations, metro as well as the Sion-Panvel Expressway. The area is in proximity to Kharghar residential node and has social infrastructure with healthcare facilities and educational institutions. 

Godrej Properties settled at Rs 3,164.70 apiece on Tuesday, up 2.37 per cent. The real estate stock is up 58 per cent in 2024 so far.

The real estate firm recently reported 3 per cent YoY rise in booking value at Rs 5,200 crore for the September quarter from sale of over 5.1 million square feet. This was the highest ever Q2 booking value achieved by Godrej Properties.

The H1FY25 booking value grew over 89 per cent YoY to over Rs 13,800 crore. This was achieved through the sale of over 8,600 homes with a total area of over 14 million square feet. This is the highest ever H1 booking value achieved by Godrej Properties.

Godrej Properties has achieved 51 per cent of its annual guidance for booking value for FY25. In the past five financial years, GPL has averaged 37 per cent of its full year sales in the first half of the financial year.