Godrej Properties, real estate development arm of Godrej Group has signed development agreement with Magic Info Solutions and others to develop approximately 22.1234 acres of land for a residential project located at village Gurgaon, District Gurgaon in residential sector 104 of the Gurgaon-Manesar Urban Complex, Haryana.
The company posted 70.89% decline in its net profit at Rs 6.35 crore for the quarter ended June, 2011, as against Rs 21.82 crore in the same quarter of the previous fiscal. Revenues rose by 173.45% at Rs 73.64 crore in the first quarter of 2011, compared to Rs 26.93 crore in the corresponding year-ago period. The company has reported a 55.17% decline in its consolidated net profit for the quarter ended June 30 at Rs 10.06 crore against Rs 22.44 crore in the corresponding period last year. The consolidated total income from operations increased by 216.96% to Rs 130.62 crore from Rs 41.21 crore in same quarter last year.
Godrej Properties is one of the leading real estate development companies in India based in Mumbai, Maharashtra. Currently, its business focuses on residential, commercial and township developments. It is a fully integrated real estate development company involved in all activities associated with the development of residential and commercial real estate.