Shares of Godrej Properties Ltd. dropped by 1.9% after touching a day’s high of Rs 2,925.70 on 12th August, despite the company announcing that it has acquired 90 acres of land in Khalapur, Maharashtra.

It is located adjacent to Karjat Khopoli Road, and the group believes its estimated development potential is approximately 1.7 million square feet for residential plots, among others.

According to Gaurav Pandey, MD and CEO of the company, “Khalapur is a very promising area, and the group has plans for more expansion here after the success of Godrej Hillview Estate.” The group is working towards creating a quality residential community that will add long-term value to its residents. Located in Khalapur, about 70 km from Mumbai, this development is aptly titled Godrej Hillview Estate.

On 9th August, the company announced that it was the highest bidder for two land parcels in Greater Noida, with a combined bid value of Rs 842 crore.

The two land parcels total 17.5 acres and are estimated to have a revenue potential of Rs 5,000 crore, according to the company. Earlier this month, Gaurav Pandey stated that the company was looking at a collection of more than Rs 15,000 crore in the current fiscal year, and the collections would be better in the second half of the year.

In Q1FY24, the company collected close to Rs 2,000 crore, which increased by 50% to about Rs 3,000 crore this year. This increased the operating cash flow to about Rs 988 crore, supporting future business development, according to Pandey.

At 11:11 AM, the shares of Godrej Properties Ltd. were trading 1.29% lower at Rs 2,887.85 on NSE.

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