Godrej Properties Ltd. (GPL), a subsidiary of Godrej Industries, a real estate developer in India, has announced its plans to develop an 11-acre land parcel in Hinjewadi, Pune, on July 1. The new project is expected to generate an estimated revenue of approximately ₹1,800 crore, marking a significant addition to GPL’s portfolio, the company announced in an exchange filing.
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Gaurav Pandey, MD & CEO of Godrej Properties, said, “Hinjewadi is an important micro market for us in Pune, and we are happy to add this land parcel to our portfolio. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding gated community that creates long-term value for its residents.”
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Godrej Properties’ share price hit its 52-week high of ₹3,290 on July 1, 2024, on NSE. The company share price declined at 11 am by 0.52 per cent to ₹3,191.15, on 1 July 2024 on NSE. The company’s stock trading volume stood at 7,84,197 on June 28, 2024 and it closed at ₹3,207.90, as per NSE.
The company enjoys a market capitalisation of ₹88,748.83 crore, as per BSE.
The development will primarily feature group housing and high-street retail, encompassing a developable potential of around 2.2 million square feet. Strategically located near the upcoming Megapolis Metro Station, the land offers excellent connectivity to major IT hubs in Hinjewadi, as well as access to schools, hospitals, malls, restaurants, and premium hotels, as per the filing.