Real estate company achieves sales worth Rs 500 Crore from residential project in Pune

The Godrej Group real estate company has achieved sales worth Rs 500 crore through a project in Pune. Stocks, however, extended losses in choppy trade on Tuesday.

Property developers Godrej Properties said on Tuesday they had achieved sales worth Rs 500 crore from a project in Pune. “Godrej Properties Ltd, one of India’s leading property developers, today announced that it has achieved sales worth Rs 500 crore from the launch of its new project, Godrej Woodsville in Hinjewadi, Pune”, the company said in an exchange filing.

The company said it has sold over 675 houses encompassing an area of ​​over 6.9 lakh square. The Woodsville project was launched at Hinjewadi in Pune in September 2022.

Shares of the company opened 1.8% higher on Tuesday, but slipped into the red later in trade. The stock was trading down 0.2% at Rs 1,304.9 on BSE at 09:22.

“The project is strategically located to provide easy connectivity to IT and lifestyle hubs in Hinjewadi as well as access to schools, hospitals, shopping malls, restaurants and upscale hotels,” the company said.

Earlier this week, Godrej was declared the highest bidder for two adjacent plots of land in Noida with a total bid value of Rs 377 crore.

In the July-September quarter, the property company reported a 54% increase in its consolidated net profit to almost Rs 55 crore from Rs 35.7 crore a year ago. The company’s total revenue rose to Rs 369.2 crore in the quarter under review.

The Godrej Group company recently announced the acquisition of 12 acres of land in Pune to develop a housing project with an estimated revenue potential of around Rs 2,000 crore.

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