Godrej Prop builds into the green

Godrej Properties had a lot of good news to announce since yesterday afternoon. First it announced that ICRA rating agency has assigned a MAA (pronounced M double A) rating for Fixed Deposit Programme of Godrej Properties, which indicates high-credit-quality rating.

Then came the news that it plans to start a township, Godrej Infinity, in Pune. It is spread across 43 acres, with a total saleable area of approximately 3.2 million sq. ft. (3 lakh sq.m), the project is located in Keshavnagar. The first phase of the project comprises of a total saleable area of approximately 120,000 sq. m (1.28 million sq. ft.) and will consist of residential towers ranging from 17 to 22 stories. Customers will have multiple options to choose from 1BHK, 2BHK, and 3BHK apartments ranging from 62.2 sq. m. to 144 sq. m. (670 sq. ft. to 1550 sq.ft).

And today morning, it announced that it has entered into a new deal to develop a residential project at Joka, in South Kolkata. The proposed project will offer approximately 277,000 square metres (3 million sq. ft.) of saleable area and will be developed as a modern residential development.

Naturally, the market is extremely enthused with all the news and that is reflected in the stock price today morning, which is up almost 2% at Rs.255 with an intra day high at Rs.267.65.