Connect with us
Thursday,18-September-2025
Breaking News

Business

Godrej Properties buys 18.6 acre land in Mumbai to develop premium housing project; aims Rs 7,000 cr sales revenue

Published

on

Godrej Properties Ltd on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore.

In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore.

The project will comprise primarily premium residential apartments with supporting retail spaces.

This will be one of the company’s largest residential developments, and it significantly strengthens the firm’s presence in the western suburbs of Mumbai.

Godrej Properties highlighted that this is the 8th project addition so far this financial year and “takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore.”

Godrej Properties, one of the leading real estate developers in the country, had given a full year guidance of adding projects with a booking value potential of Rs 15,000 crore.

To expand its business and create future development pipeline, Godrej Properties acquires land parcels outrightly and also enters into joint development agreements (JDAs) with landowners.

Mohit Malhotra, MD & CEO, Godrej Properties, said the company has added a large and strategically important project in Mumbai.

“This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets,” he said.

Malhotra said the company would aim to build an outstanding residential community that creates long-term value for its residents.

The land is strategically placed in a prime locality with excellent access to the Western Express Highway, Metro & Suburban Railway Stations, the company said.

Godrej Properties, a part of business conglomerate Godrej Group, focuses on four key markets — Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune, although it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur as well.

Godrej Properties has set a target of Rs 10,000 crore sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal year.

It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal year at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period.

In an interview with PTI last month, Godrej Properties Executive Chairman Pirojsha Godrej had noted that the housing demand continued to be strong despite hike in interest rates on home loans.

He expected a robust sales bookings in the second half of this fiscal.

On financial front, Godrej Properties has reported a 54 per cent increase in consolidated net profit at Rs 54.96 crore in the quarter ended September 2022 on higher income.

Its net profit stood at Rs 35.73 crore in the year-ago period.

Total income also rose to Rs 369.20 crore in the second quarter from Rs 334.22 crore a year ago.

Business

PM Modi’s dream of developed India by 2047 becomes collective resolve of every citizen

Published

on

New Delhi, Sep 17: Under Prime Minister Narendra Modi’s leadership, the dream of a developed India by 2047 has today become the collective resolve of every citizen, Union Minister Pralhad Joshi said on Wednesday.

Wishing PM Modi on his 75th birthday, the minister said that in the past 11 years, “your tireless hard work and dedication have brought unprecedented transformation in the lives of crores of Indians”.

“You have ignited the lamp of patriotism in the heart of every citizen and awakened a resolve for active participation in nation-building. May God grant you excellent health and a long life, so that you continue to serve Mother India with the same dedication and energy in the coming years,” Joshi noted in a post on X.

Union Minister Jyotiraditya Scindia said that meeting PM Modi for the first time as a member of his cabinet was a truly unforgettable experience for him.

“His deep interest in every subject, open mindedness, and out of the box perspective gave me new energy and inspired me to fulfill my responsibilities with even greater dedication and enthusiasm,” he posted on X.

“That one experience endowed me with the ability to serve the people with complete devotion for a lifetime, and for that, I will always remain deeply grateful to him from the bottom of my heart,” Scindia emphasised.

He further stated that PM Modi is dedicated to the development of every individual and is devoted to the principles of Antyodaya.

Minister of State for Commerce and Industry, Jitin Prasada, said that under PM Modi’s leadership, the significant decision of GST reforms will not only simplify and ease the lives of citizens but also provide new energy to the industry and business world, while promoting local production and entrepreneurship.

Continue Reading

Business

Urban Company IPO Surges On Debut, Listed At 60% Premium – What Drove The Buzz?

Published

on

Mumbai: Urban Company created a big buzz on its first day in the stock market. The company’s IPO (Initial Public Offering) was listed on September 17 on both the BSE and NSE. The issue price was Rs 103 per share, but it opened much higher at Rs 162.25 per share. This gave investors an immediate listing gain of almost 60 percent, which is a huge return on the first day itself.

The Rs 1,900 crore IPO opened for subscription from September 10 to 12, and it received an overwhelming response. The IPO was subscribed more than 103 times in total. This means demand was over 100 times more than the number of shares available. Big institutional investors showed the most interest, but retail and high-net-worth investors also participated in large numbers.

Out of the total IPO amount, Urban Company raised Rs 472 crore as fresh issue, and the rest came through an Offer for Sale (OFS) of Rs 1,428 crore. The company plans to use the fresh funds for marketing initiatives and technology upgrades, which will help it grow faster. Before the IPO, Urban Company also raised Rs 854 crore from major anchor investors, including names like SBI Funds, HDFC Mutual Fund, Fidelity, Nomura, Goldman Sachs, and others.

Urban Company is a popular platform that offers home and beauty services. Customers can book services such as cleaning, pest control, plumbing, carpentry, electrical work, painting, beauty treatments, grooming, and massage therapy. The company currently operates in 51 cities across India, UAE, and Singapore, and it is also present in Saudi Arabia through a joint venture. Urban Company is growing quickly and aims to become a global leader in home services.

Continue Reading

Business

Sensex, Nifty open higher as India-US trade talks set to resume

Published

on

Mumbai, Sep 16: The Indian benchmark indices opened higher on Tuesday amid mixed global cues, as US Chief Negotiator Brendan Lynch arrived in India to resume trade negotiations between the two nations.

As of 9.25 am, the Sensex was up 184 points or 0.23 per cent at 81,970, and the Nifty was up 47 points or 0.19 per cent at 25,117.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.70 per cent.

Kotak Mahindra, Axis Bank and Hero Motocorp were the top gainers on NSE Nifty 50 index. Titan Company, SBI Life Insurance, Asian Paints and Tata Consumer Products weighed on the Nifty 50 index.

Among sectoral indices, Nifty Media, the top gainer, jumped 1.08 per cent. Nifty Auto (up 0.65 per cent) and Nifty Oil and gas (up 0.57 per cent) were the other major gainers. Except Nifty FMCG and Nifty PSU Bank, which were marginally down, all other indices were in the green.

Analysts said that, from a technical standpoint, a sustained move above the 25,160 level could pave the way for a rally toward 25,250 and 25,500 zones. The immediate support lies at 25,000 and 24,900 zones.

“The bold reforms – both fiscal and monetary – implemented this year have started yielding results and is likely to gather momentum in near future. An India-US trade agreement without the penal tariffs can be a shot in the arm for markets,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Major US indices ended firmly in the green zone overnight as the Nasdaq rose 0.94 per cent, the S&P 500 gained 0.47 per cent, and the Dow advanced 0.11 per cent.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index dipped 0.1 per cent, and Shenzhen inched down 0.26 per cent, Japan’s Nikkei rose 0.54 per cent, while Hong Kong’s Hang Seng Index inched up 0.07 per cent. South Korea’s Kospi inched up 1.2 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 1,268 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,933 crore.

Continue Reading
Advertisement
Advertisement

Trending