Godrej Properties share price gained as much as 5.23 per cent in morning trade on Monday after the real estate arm of Godrej Group announced that it has sold 300 apartments within one week at its flagship project in Vikhroli, Mumbai called ‘The Trees’. This represents more than 80 per cent of the 374 apartments it opened for sale in the first phase of this project. The value of apartments sold is in excess of 700 crore making this Godrej Properties’ project the most successful ever launch in terms of value of real estate sold.
At 10.57 am, Godrej Properties share price was up 2.56 per cent at Rs 343.05. The scrip opened at Rs 335.10 and had touched a high and low of Rs 352 and Rs 335 respectively, in trade so far. Sensex was down 31.05 points, or 0.12 per cent, at 25,607.06. For stock market updates click here.
Later, the scrip closed, 1.21 per cent up at Rs 338.55.
‘The Trees’ mixed-use development contains a commercial precinct spread across 9.4 acres, which houses Godrej One, the Godrej Group’s global headquarters. The central mixed use precinct, spread over 9.2 acres, will comprise of a 5 star luxury hotel, cultural buildings, luxury residential, and a high street retail park. The more private luxury residential precinct spread across 6.7 acres, which was recently opened for sale, will house a community of residential buildings with private parks and an iconic clubhouse facility. Adaptive reuse of heritage industrial structures within the development creates a unique and distinctive design and cultural experience.
The promoters holding in the company stood at 74.86 per cent while institutions and non-institutions held 10.01 per cent and 15.13 per cent, respectively.
For the quarter ended September 2015, Godrej Propeties posted consolidated net profit of Rs 106.16 crore, up 127.80 per cent, against Rs 46.60 crore in the corresponding quarter a year ago.