Godrej Properties shares jump 2% after firm sells Rs 1,000-crore luxury flats in Gurugram

Godrej Properties shares jumped nearly 2 percent on March 28 after the company announced that it has sold nearly 90 homes worth over Rs 1,000 crore on the launch day of its luxury project named 'Godrej Astra' in Gurugram.

The shares of the company were trading at around Rs 2,159 apiece in the morning.

In an exchange filing, the company announced that 'Godrej Astra' is strategically located in the Golf Course Road micro-market and is spread across nearly 2.76 acres of land.

"With its well-planned infrastructure and proximity to prominent landmarks, the location offers residents a premium lifestyle and convenient connectivity. This is GPL's second launch in the prime Golf Course Road micro-market," Godrej Properties said. The company already has a sky-scrapper office building in the area.

As per the company's website, the price of 3BHK apartments at the luxury project starts from Rs 11 crore.

Speaking about the launch, Godrej Properties MD & CEO Gaurav Pandey said, "We are delighted with the response to our luxury project, Godrej Astra. We'd like to take this opportunity to extend our gratitude to our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure an exceptional living experience for the residents of Godrej Astra. Gurugram is an extremely important market for Godrej Properties and we look forward to further strengthening our presence there in the coming years."

Notably, Golf Course Road in Gurugram is known for its upscale residential properties. Earlier in 2024, the area came in the news after India's most expensive property transaction was conducted there. Rishi Parti, CEO and founder of Gurugram-based Info-X Software Technology, had bought an uber-luxury penthouse worth a whopping Rs 190 crore in The Camellias by DLF on the Golf Course Road.In other news, market expert Chris Wood from Jefferies has removed the shares of Godrej Properties from Asia ex-Japan's long-only portfolio. Meanwhile, the investment in Macrotech Developers, the promoters of the Lodha brand, will be hiked from one percent, to four percent. Further, DLF shares will be included in the portfolio, with a weightage of three percent.