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    Godrej Properties off opening highs; should you buy, hold or sell real estate major's stock?

    Godrej Properties off opening highs; should you buy, hold or sell real estate major's stock?

    Godrej Properties off opening highs; should you buy, hold or sell real estate major's stock?
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    By CNBCTV18.com  IST (Published)

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    Overall, the Godrej Properties stock price has corrected more than 12 percent so far this year, although it has gained over 11 percent in the last one month.

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    Realty firm Godrej Properties Ltd's shares traded over 0.6 percent, quoting at Rs 1,675.80 apiece on Thursday, off from the opening high price of Rs 1,685. Overall, the Godrej Properties stock price has corrected more than 12 percent so far this year, although it has gained over 11 percent in the last one month. The uptrend in the stock came on the back of real estate major acquiring a 9 acres land parcel in Pune to develop a housing project. The estimated revenue from the project is Rs 1,400 crore.
    Benchmark indices opened with marginal gains on Thursday, tracking weak global sentiment. The BSE Sensex rose 100 points to 58,789, while the NSE Nifty climbed to 17,532, higher by 34 points.
    The Godrej Properties' project located at Pimpri-Chinchwad in Pune will have a developable potential of about 1.7 million square feet of saleable area, with an estimated revenue potential of about Rs 1,400 crore, the company said in a regulatory filing.
    Mohit Malhotra, MD and CEO, Godrej Properties, said, "Pimpri Chinchwad is an important micro-market in Pune and we are happy to add this land parcel to our portfolio."
    This will further expand the company's presence in Pune and fits with its strategy of deepening presence in key micro markets across India's leading cities, he added.
    Earlier, Godrej Properties Executive Chairman Pirojsha Godrej had announced the company's plan to invest around Rs 7,500 crore over the next 12-18 months on acquisition and development of new real estate projects, according to a news agency report, while adding that he was upbeat on the growth potential in the housing and commercial real estate segments, especially in four major markets: Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune — where the company has a huge presence.
    "We will invest $1 billion (around Rs 7,500 crore) over the next 12-18 months on the development of new projects," the Press Trust of India (PTI) had quoted Pirojsha as saying.
    Godrej Properties, the largest listed realty firm during the last fiscal in terms of sales bookings, acquires new projects through outright purchase of land parcels and also through joint ventures with land owners, the news agency's report added. The company is likely to achieve all-time high sale bookings in the 2021-22 financial year, beating the last year's record of Rs 6,725 crore, it further said.
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