Godrej Properties gains on adding new project in Vikhroli

30 Dec 2014

Godrej Properties is currently trading at Rs. 262.75, up by 13.15 points or 5.27% from its previous closing of Rs. 249.60 on the BSE.

The scrip opened at Rs. 256.05 and has touched a high and low of Rs. 268.90 and Rs. 256.05 respectively. So far 22,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 283.00 on 08-Dec-2014 and a 52 week low of Rs. 153.90 on 30-Jan-2014.

Last one week high and low of the scrip stood at Rs. 268.90 and Rs. 244.90 respectively. The current market cap of the company is Rs. 5,262.00 crore.

The promoters holding in the company stood at 74.92% while Institutions and Non-Institutions held 12.44% and 12.64% respectively.

Godrej Properties (GPL), the real estate development arm of the Godrej Group, has entered into an agreement with Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai. The potential saleable area in this project will be approximately 110,000 square meters (1.2 million square feet).

Godrej Properties will act as development manager and will work with G&B on the conceptualization, design, sales, and marketing of the project. For its services, Godrej Properties will receive a fee equal to 10% of the revenue generated from the development. The costs for design and construction of the development will be borne by Godrej & Boyce in its role as owner-developer while the cost for sales and marketing will be borne by Godrej Properties in its role as development manager.

Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.

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