Godrej Properties Wins Land Parcels in Greater Noida, Stock Surges 3%
Godrej Properties has emerged as the highest bidder for two land parcels in Greater Noida, with an estimated revenue potential of over Rs 5,000 crore.
Godrej PropertiesReal EstateNcr MarketLand ParcelsGreater NoidaReal Estate MumbaiAug 09, 2024
The Mumbai-based real estate developer participated in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for residential group housing plots and made a bid of Rs 842 crore. The land parcels, spread over 9.5 acres in Sector Sigma - III and 8 acres in Sector 12, are located in Greater Noida and offer a development potential of 3.75 million square feet.
According to the company, the land parcels have an estimated revenue potential of over Rs 5,000 crore, comprising premium residential apartments of varied configurations. Gaurav Pandey, MD & CEO, Godrej Properties, expressed confidence that the new acquisitions will strengthen the company's development portfolio in NCR and cater to the strong demand for its products in the market.
Godrej Properties has reported a 316% surge in net profit to Rs 520 crore in the first quarter of financial year 2024-25, up from Rs 125 crore a year ago. Total income rose 25% to Rs 1,638 crore. The company's share price has zoomed 30.94% in the last six months, while rallying 94.54% in the last one year.
Godrej Properties is presently trading at a price to earnings multiple of 85.60 times, while trading at an earning per share (EPS) of Rs 33.60. At 13 44 PM, the stock price of the company was trading 2.91% higher at Rs 2,960 per share on the BSE.
About Godrej Properties Godrej Properties is a leading real estate developer in India, with a strong presence in the NCR market. The company has a proven track record of delivering high-quality residential projects and has a strong brand reputation in the industry.
Information The Indian real estate market has seen a significant surge in demand in recent times, driven by factors such as government initiatives, infrastructure development, and increasing affordability. The NCR market, in particular, has seen a significant increase in demand for residential projects, driven by its proximity to Delhi and the presence of major industries.
Godrej Properties is a part of the Godrej Group, one of India's largest and most diversified conglomerates. The company has a strong commitment to sustainability and has implemented various initiatives to reduce its environmental footprint.
Frequently Asked Questions
What is the estimated revenue potential of the land parcels won by Godrej Properties?
The estimated revenue potential of the land parcels is over Rs 5,000 crore.
Where are the land parcels located?
The land parcels are located in Greater Noida, spread over 9.5 acres in Sector Sigma - III and 8 acres in Sector 12.
What is the development potential of the land parcels?
The land parcels offer a development potential of 3.75 million square feet.
What is the current stock price of Godrej Properties?
The current stock price of Godrej Properties is Rs 2,960 per share on the BSE.
What is the price to earnings multiple of Godrej Properties?
The price to earnings multiple of Godrej Properties is 85.60 times.
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