Shares in Godrej Properties hit a new 52-week high, after the company said that it was developing a new residential project in Bengaluru. The stock was last seen trading at Rs 1,131, on the National Stock Exchange.
The Mumbai-based real estate developer said the residential project will be in Whitefield, Bangalore.
"Spread across approximately 18 acres, this project will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configurations. Whitefield is the largest commercial and residential real estate market in Bangalore and this land parcel is situated near the proposed metro line connecting Whitefield to Hopefarm Junction. The site is well located and offers an extremely well developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity," a release from the company stated.
Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are happy to add this new project in Bangalore. Bangalore is a key market for us and this project fits well with our strategy of deepening our presence across the country's leading real estate markets."