Godrej Properties gains around 2% after its most successful project launch in terms of sales value

Shares of Godrej Properties in Tuesday’s deal (December 26) traded higher by as much as 0.84 per cent at Rs 1,988.3 apiece after the realty major announced hitting a new milestone in terms of clocking the highest-ever sales value from a new project, Godrej Aristocrat in Gurugram.

The company, in an exchange filing today, informed bourses that it sold 600 homes worth Rs 2,600 crore at the launch of its Godrej Aristocrat project in Gurugram.

At the day’s high, the stock hit a high of Rs 2,005, gaining 1.69 per cent, while Nifty Realty gained up to 0.5 per cent.

The company’s latest project, Godrej Aristocrat, located in Sector 49 on Golf Course Extension, is its most successful launch ever in terms of the value of sales achieved, surpassing the previous best-ever launch worth over Rs 2,000 crore at its project, Godrej Tropical Isle in Noida, last quarter.

Gaurav Pandey, MD & CEO, of Godrej Properties, said on the launch, “We are delighted with the response to our project, Godrej Aristocrat. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Aristocrat offers its residents an outstanding living experience. Gurugram is an extremely important market for Godrej Properties. We hope to launch four new projects in Gurugram in 2024 and will endeavour to create outstanding residential communities that deliver long-term value for residents.”

Shares of the realty player on a year-to-date basis have given a 62 per cent return.

Earlier, global brokerage Morgan Stanley, perceiving upcycle momentum in the real estate space to continue, raised the target price on Godrej Properties to Rs 2,050. The stock has been rated ‘equal-weight’ by the brokerage.