Godrej Properties jumps on inking pact with Godrej & Boyce to develop new project in Vikhroli

Godrej Properties Ltd. | Construction - Real Estate | Construction & Infrastructure | BSE: 533150 | NSE: GODREJPROP

11 Mar 2014 Evaluate

Godrej Properties is currently trading at Rs. 179.55, up by 8.65 points or 5.06% from its previous closing of Rs. 170.90 on the BSE.

The scrip opened at Rs. 172.40 and has touched a high and low of Rs. 181.50 and Rs. 171.85 respectively. So far 244492 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 296.76 on 09-May-2013 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. 174.40 and Rs. 163.25 respectively. The current market cap of the company is Rs. 3456.71 crore.

The promoters holding in the company stood at 74.96% while Institutions and Non-Institutions held 15.51% and 9.53% respectively.

In a bid to develop a new project on the Eastern Express Highway, Vikhroli in Mumbai, Godrej Properties has entered into pact with Godrej & Boyce (G&B). The potential saleable area in this project will be up to 800,000 sq. ft. and is likely to comprise of premium residences as well as small component of convenience retail.

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 total 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.

Over a period of time, the development potential at Vikhroli is likely to make it the largest real estate development in Mumbai. The development will have a mixed-use character and will have significant amounts of residential, commercial, retail, and landscaped spaces. The first project under this agreement was Godrej Platinum, a residential development of approximately 600,000 sq. ft. across four towers. Three of these towers have been 100% sold and are at an advanced stage of construction. The last of the four towers will be launched in the next few months. Godrej Platinum is one of the first residential projects in the country to receive a LEED-Platinum precertification, which is the highest available certification for green buildings. In addition to Godrej Platinum and this new project, Godrej Properties is also developing a 35 acre mixed-use development in Vikhroli called The Trees.

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.

Godrej Properties Share Price

1866.60 36.10 (1.97%)

30-Jun-2026 16:59 View Price Chart

Peers

Company Name	CMP
Lodha Developers	954.85
Dilip Buildcon	447.90
Oberoi Realty	1768.65
DLF	620.30
Ahluwalia Contract(I	858.75
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