BSE-listed Maharashtra Corporation Ltd has announced the completion of payments for plots in Naranpura, Ahmedabad, earmarked for a commercial project where the average property rates are hovering between Rs 33,000 /sq ft and Rs 56,000 /sq ft.
This development, situated near Sardar Vallabhbhai Patel Stadium, is expected to generate Rs 120-crore revenue from sales. With this the company will not only diversify its portfolio but also tap into the burgeoning real estate market of Ahmedabad.
The project is set to significantly bolster the company’s financials, providing a substantial boost to its investment capabilities. Venturing into real estate development represents a diversification of the company’s portfolio, reducing dependence on its traditional sectors and mitigating sector-specific risks.
Also Read: Should you keep jewellery at home or in a bank locker? Find out
Maharashtra Corporation Ltd claims to have shown remarkable earnings per share growth, both annually and over the trailing twelve months. This indicates not just profitability but also an effective strategy in place for growth and expansion.
The company operates debt-free with zero promoter pledges, highlighting its financial stability and reducing the risk profile for investors. This also reflects the confidence of the promoters in the company’s future prospects. The consistent increase in quarterly profits underscores the company’s ability to navigate market dynamics effectively, ensuring sustainable growth, according to the company.