Godrej Properties hits record high, real estate stocks are once again in the spotlight; here’s why
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Shares of Godrej Properties surged on Wednesday after the company struck a deal to redevelop a plot of land in Wadala, Mumbai. The jump in Godrej Properties’ stock has brought attention back to the entire real estate basket, which recently took a hiatus after reaching all-time highs as investors based their hopes on the upcoming holiday season.
Shares of Godrej Properties closed up 3.4% at a record Rs 2,309.8 each on BSE, after hitting an all-time high of Rs 2,410 during the session.
Mumbai-based Godrej Properties said the plot of land spans 7.5 acres and the project will provide around 0.15 million square meters of salable area consisting mostly of residential apartments.
âThis marks our entry into an important micro-market within Mumbai and is part of our current strategy of adding large projects to the country’s main real estate markets,â said Mohit Malhotra, Managing Director and CEO of Godrej Properties. .
The company said the second quarter has been a great quarter for it so far, and it expects the year to be one of volume returns to the industry.
Oberoi Realty recorded an increase of 5.5%, Prestige Estates by 1.3%, Indiabulls Real 0.7% and DLF 0.2%. In contrast, Sunteck Realty, Phenix Mills and Brigade fell 3-4%.
According to research from Motilal Oswal Financial Services, Mumbai is expected to register 7,000 registrations during 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, he said.
Godrej Properties and many real estate stocks have broken a series of records in recent weeks.
Store | To recover (%) | |
Three months | One year | |
Properties of Godrej | 66 | 165 |
Sobha | 63 | 241 |
Prestige domain | 64 | 94 |
Sunteck | 53 | 73 |
Oberoi | 53 | 133 |
DLF | 44 | 167 |
squad | 43 | 145 |
Real indiabulls | 27 | 183 |
Phoenix Mills | 15 |
Last week, the Nifty Realty index jumped 21% as it hit multi-year highs, building on investor optimism about a recovery in the long-consolidating real estate space.
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