Godrej Prop rises and falls

Godrej Properties opened almost 0.5% in the green and then went on to hit  a 52-week high at Rs.1573.45, up almost 2.5%. Profit booking at this level has pushed the stock into the red and it is currently trading flat.

The company announced today morning that it has emerged as the highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs.166 crore for the two adjacent plots in Sanpada, New Mumbai.

Spread over 1.5 acres, this project will offer 4 lakh square feet of development potential comprising primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development.

In Dec, the company had acquired, through an outright transaction, a well located land parcel in Whitefield, Bengaluru. Spread across approximately 18 acres, this project will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configuration.

With a robust launch pipeline in the second half of the financial year, the management expects strong sales momentum during this period.