On June 15, Godrej Properties’ share price rose in the early morning trade after the developer said it would buy land for a luxury residential development in Kolkata.

Godrej Properties planned to acquire a 7.44-acre land section at New Alipore from West Bengal Housing Infrastructure Development Corporation Limited after being acknowledged as the uppermost bidder in an e-auction. The company will progress this land piece as an extravagance group housing project.

The project will have a developable potential of about 9.8 lakh square feet with a projected revenue potential of about Rs 1,200 crore.

The MD and CEO of Godrej Properties, Gaurav Pandey, stated they are happy to acquire the land parcel at the premium locations in Kolkata. The luxury realty demand was always strong over the few years. This will be considered the city’s second luxury development, aiming to construct an outstanding residential community that creates long-term value for its residents.

At 9:24 am, Godrej Properties was trading at Rs 1,514, up Rs 6.50, or 0.43%, on the BSE.
The share moved a 52-week high of Rs 1,530.75 on August 1, 2022, and a 52-week down of Rs 1,005.70 on March 29, 2023. It trades 1.09% below its 52-week high and 50.54% above its 52-week low.