Shares of Godrej Properties soared up to 1.5% to ₹2,471 today, on June 17, as the company announced the acquisition of a 16-acre land in Pune. The development on the said land will comprise premium group housing and high-street retail project with a developable potential of 2.5mn square feet along with an estimated revenue potential of ₹3,100 crore, Godrej Properties said in an exchange filing.
The stock closed over 1% higher on the National Stock Exchange at ₹2,434.40 on June 16. This is the second land acquisition by the company in the region in June with an estimated cumulative revenue potential of ₹7,300 crore from the two developments. On June 2, the company informed the exchanges that it had acquired 14-acre land parcel in the same region, which will have an estimated revenue potential of ₹4,200 crore.
On June 16, Godrej Properties said in a filing made to exchanges that it will develop a premium residential project on 14-acre land parcel in Hoskote, Bengaluru. It is expected to offer nearly 1.5mn square feet of saleable area with an estimated revenue potential of ₹1,500 crore.
