Shares of Godrej Properties Ltd. surged by almost 2% to touch a day’s high of Rs 3,273.00 on 31 July after the company announced it had acquired a 46-acre land parcel in Indore, Madhya Pradesh.

This acquisition marks the company’s entry into Indore, expanding its residential real estate presence. The 46-acre land is situated off the Indore-Ujjain Road, which will be expanded into a 6-lane highway.

This land will primarily be used for developing plotted residential units, as said by the firm in a stock exchange filing.

This project will have an estimated saleable area of 1.16 million square feet. The location offers good connectivity to Indore International Airport, Indore Junction, and nearby educational and medical facilities.

Gaurav Pandey, MD and CEO of Godrej Properties mentioned that Indore-Ujjain Road holds huge promise for residential plotted development growth.

Indore’s residential real estate market is growing due to the expansion of Metro lines, a boost in the corporate and IT sectors, and some ongoing infrastructure projects.

This acquisition fits the firm’s strategy of entering fast-growing cities with planned developments. The goal is to capitalize on the rising demand for residential plots.

This entry into Indore is going to help beef up the local real estate market with high-grade, sustainable living spaces. Recently, they sold more than 2,000 homes worth over Rs 3,150 crore at their Bengaluru project.

This achievement marks over 500% quarter-over-quarter sales growth in Bengaluru and surpasses the company’s total South India sales for FY24 within the first quarter.

At 12:28 PM, the shares of Godrej Properties were trading 1.94% higher at Rs 3,242.60 on BSE.

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