Godrej Properties shares hit a day high of Rs 1,708 on NSE on 28 September, after the firm added a Rs 6,000 crore luxury project in Mumbai.

In an exchange filing, the company said it has signed a development agreement for a prime plot of about 2.5 acres in Marine Lines, South Mumbai.

The plot sits in what it calls one of the city’s most sought-after residential pockets, and it plans to build luxury homes there.

Godrej Properties Ltd puts the project’s overall revenue potential at around Rs 6,000 crore. That is the amount it hopes to earn from selling the homes, not the price paid for the land.

The firm pointed to Marine Lines’ limited land supply, its heritage feel and its spot along Mumbai’s seafront. Easy access to business and lifestyle hubs through the Coastal Road, it added, keeps demand strong from families buying to live in and wealthy buyers alike.

The company also cited the buyer response at its Godrej Trilogy project in Worli and Godrej Avenue Eleven in Mahalaxmi. Managing Director and CEO Gaurav Pandey said Mumbai remains a key market for the company.

He said its premium homes there have drawn a consistently strong response, and its South Mumbai projects have done especially well. It follows a Noida land win in July.

On 1 July, Godrej Properties emerged as the highest bidder for a 4.95-acre residential plot in Sector 151, Noida, at Rs 331.75 crore. It expects that project to bring in more than Rs 2,000 crore in revenue.

At 11:43 am, shares of Godrej Properties were trading at Rs 1,675.70 on NSE, down 1.44% from the previous close of Rs 1,700.10. The stock opened at Rs 1,708.00 and has since dipped to a low of Rs 1,673.10.

It is about 28.8% below its 52-week high of Rs 2,352.00 and has lost 17.45% in the past month and 16.89% so far this year.

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