Godrej Properties Bags Two Housing Projects With Rs 3,400 Crore Revenue Potential

Godrej Properties Ltd. has won the bid to develop two residential plots in Gurugram, valued at Rs 515 crore. The land parcels have an estimated revenue potential of over Rs 3,400 crore.

The realty firm said that it secured the letter-of-intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran.

One plot measuring 3.6 acres is located in the Golf Course Road micro-market. Another parcel spanning 1.97 acre is located in Sector 39 with proximity to NH 48.

"We have witnessed strong demand for our projects in the NCR market... these two new acquisitions will further strengthen our development portfolio in the NCR," said Gaurav Pandey, managing director and chief executive officer, Godrej Properties.

In the last fiscal, Godrej Properties had bought two prime parcels of 5.15 acres and 2.76 acres in the Golf Course Road micro-market from HSVP at auction and plans to launch both of these projects during this fiscal.

Godrej Properties stock rose as much as 1.16% in early trade to Rs 2,943 apiece on the NSE. It was trading 0.15% lower at Rs 2,904.7 apiece, compared to a 0.29% advance in the benchmark Nifty 50 as of 10:49 a.m.

It has risen 76% during the last 12 months and 44% on a year-to-date basis. The relative strength index was at 44.

Twelve out of the 20 analysts tracking the company have a 'buy' rating on the stock, three suggest a 'hold' and five have a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12%.