Godrej Properties stock surges over 3% after firm acquires 50 acre in Sonipat

Shares of Godrej Properties rose over 3 per cent today after the Mumbai-based real estate developer purchased 50 acres in Haryana's Sonipat. The large cap stock touched an intraday high of Rs 1,533.6 , rising 3.21 per cent on BSE. Godrej Properties stock trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

The stock has gained 7 per cent in one year but lost 18.35 per cent in 2022.

The share hit a 52-week high of Rs 2,598 on October 14, 2021 and a 52-week low of Rs 1200.10 on May 6, 2021.

Total 0.32 lakh shares of the firm changed hands amounting to a turnover of Rs 4.93 crore on BSE. Market cap of the realty firm rose to Rs 42,558 crore on BSE.

The project will offer approximately 1 million sq ft of plotted residential development.

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The company stated that the site has connectivity with the Delhi border and national highways. It is also in close proximity to the upcoming educational and industrial hub of Sonipat.

Godrej Properties site in Sonipat also offers a well-developed social infrastructure, as per the official press release.

"We are pleased to announce our entry into Sonipat. The project fits well with our strategy of deepening our presence across the country's leading real estate markets. Sonipat as a micro-market has seen a lot of infrastructure developments over the last couple of years and is going to play a vital role in the NCR growth story," Godrej Properties MD and CEO Mohit Malhotra said.

Meanwhile, Godrej Properties has planned to invest approximately Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects.

Godrej Executive Chairman Pirojsha Godrej told news agency PTI, "We will invest $1 billion (around Rs 7,500 crore) over the next 12-18 months on development of new projects." He added that these investments will be a mix of equity and debt.

Godrej Properties has a major presence in the Mumbai region, Pune, Delhi-NCR and Bengaluru.

The real estate major's consolidated net profit in December quarter nearly tripled to Rs 38.95 crore against net profit of Rs 14.35 crore in the corresponding period of 2020-21.

Total income rose to Rs 466.91 crore in Q3 against Rs 311.12 crore in the corresponding period of the previous year. Net profit jumped multi-fold to Rs 91.68 crore during the first nine months of 2021-22 from Rs 2.19 crore in the year-ago period.

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