Godrej Prop jumps up

Godrej Properties is very much in the limelight today. The stock which closed yesterday at Rs.191.60, opened at Rs.193.35 and went on to hit an intra day high at Rs.198.80. It is currently at Rs.198.60, up 3.7%.

The stock is on the buzz after the company announced that it is launching new projects in Chennai and Pune.  This is the second project in Chennai, where the company has entered into a partnership with SSPDL Green Acres LLP to develop a residential project at Old Mahabalipuram Road in Chennai. It will be spread over 7 acres and around 93,000 square metres or one million sq.feet is the saleable area. It will be a residential project of 1,2 and 3 BHK apartments.

The other new project, in Pune is spread over 43 acres and this will offer around 2,60,000 sq. mtrs or 2.8 million sq.feet of saleable area. This is going to be a luxury project, with once again 1,2,3 and 4 BHK apartments. This project is with a JV with a Mumbai based realtor  and Godrej will get 35% of the profits.