Shares of Godrej Properties Ltd rose as much as 2% on 21 August after the company announced that it had won the top spot in an e-auction conducted by the Telangana Housing Board (TGHB), emerging as the highest bidder for a 7.8-acre residential land parcel in Hyderabad’s Kukatpally area.

The real estate developer made a joint proposal of Rs 547.78 crore for the land, which has a revenue potential of approximately Rs 3,800 crore. The allotment letter will be issued once TGHB has completed all necessary processes, the business stated in a stock exchange filing on 21 August.

The project, located near HITEC City, will offer quality residential flats in a variety of designs.

Gaurav Pandey, MD and CEO of Godrej Properties, said, “Following the strong response to our recent launch, Godrej Madison Avenue at Kokapet, our presence in Kukatpally enables us to deliver large-scale, future-ready developments while creating long-term value for our residents.”

The announcement comes just a day after the business announced the acquisition of a 7% share in Godrej Skyline Developers (GSDL) for Rs 9.25 lakh. Godrej Properties will buy 92,500 equity shares of Rs 10 each from existing owners, with the transaction set to close on 21 August.

Godrej Properties’ net profit increased by 15.4% year on year to Rs 600 crore in the June quarter, but sales fell by 41% to Rs 435 crore. The company also reported an EBITDA loss of Rs 243 crore. Earlier this month, the developer announced an aggressive development strategy for FY26, with sales of Rs 32,500 crore and collections of approximately Rs 21,000 crore.

At 3:30 pm, the shares of Godrej Properties closed 0.70% higher at Rs 2,056 on NSE.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!