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This article is more than 2 month old.

Godrej Properties hits record high, realty stocks in focus once again; here's why

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Godrej Properties shares hit yet another 52-week high after the realty company said it had entered an agreement to redevelop a land parcel in Wadala, Mumbai.

Godrej Properties hits record high, realty stocks in focus once again; here's why
Godrej Properties shares jumped on Wednesday after the company entered an agreement to redevelop a land parcel in Wadala, Mumbai. The jump in the Godrej Properties stock brought the focus back once again to the whole realty basket, which took a breather recently after soaring to unprecedented levels as investors pinned their hopes on the upcoming festive season.
Godrej Properties shares closed 3.4 percent higher at a record Rs 2,309.8 apiece on BSE, after hitting an all-time high of Rs 2,410 during the session. 
Mumbai-based Godrej Properties said the land parcel is spread across 7.5 acres, and the project will offer approximately .15 million square metres of the saleable area comprising primarily residential apartments.
“This marks our entry into an important micro-market within Mumbai and fits within our current strategy of adding large projects across the country's leading real estate markets,” said Mohit Malhotra, MD and CEO, Godrej Properties.
The company said Q2 has been an excellent quarter for it so far, and it expects the year to be about volume returning the industry.
Oberoi Realty settled 5.5 percent higher, Prestige Estates 1.3 percent, Indiabulls Real 0.7 percent, and DLF 0.2 percent. On the other hand, Sunteck Realty, Phenix Mills and Brigade declined 3-4 percent.
According to Motilal Oswal Financial Services research, Mumbai is likely to see 7,000 registrations in the current month. More than 6,000 units were registered in the first 21 days of September, surpassing the total of 5,900 units in September 2018, it said.
Godrej Properties and many real estate shares have broken a series of records over the past few weeks.
StockReturn (%)
Three monthOne year
Godrej Properties66165
Sobha63241
Prestige Estate6494
Sunteck5373
Oberoi53133
DLF44167
Brigade43145
Indiabulls Real27183
Phenix Mills15
Last week, the Nifty Realty index surged 21 percent as it scaled multi-year highs, taking cues from investors' optimism on a pickup in the long-consolidating realty space.
The entire realty basket started to gain altitude after Godrej Properties said it had sold more than 340 flats in one day at the launch of the second leg of its new project in Noida.
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