Godrej Properties has acquired approximately 50 acres of land in Sonipat. This project will offer approximately one million square feet of plotted residential development
Godrej Properties
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Godrej Properties share price rose nearly 2 percent in early trade on March 15 after the company forayed into Sonipat.
Godrej Properties has acquired approximately 50 acres of land there, it said in a release.
This project will offer approximately one million square feet of plotted residential development, it added.
The site is in close proximity to the upcoming educational and industrial hub of Sonipat.
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“The project fits well with our strategy of deepening our presence across the country’s leading real estate markets,” said Mohit Malhotra, MD & CEO, Godrej Properties.
“Sonipat as a micro-market has seen a lot of infrastructure developments over the last couple of years and is going to play a vital role in the NCR growth story,” he added.
According to research firm Morgan Stanley, pre-sales and new launches for the fourth quarter were the highest in the last five to six years and real estate recovery is becoming entrenched.
Morgan Stanley has kept overweight rating on DLF, Prestige Estates, and Sobha, remains equal-weight on Oberoi Realty and Macrotech Developers, and has underweight rating on Godrej Properties.
At 09:19 hrs Godrej Properties was quoting at Rs 1,510.55, up Rs 24.65 or 1.66 percent on the BSE.
The share touched a 52-week high of Rs 2,598 and a 52-week low of Rs 1,200.10 on 14 October 2021 and 6 May 2021 respectively.
Currently, it is trading 41.86 percent below its 52-week high and 25.87 percent above its 52-week low.
