Shares of Godrej Properties rose 1.44% to Rs 1,189.80 after announcing that it is expanding its residential portfolio in the National Capital Region (NCR) with the purchase of a 62-acre land in Kurukshetra, Haryana.

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The Mumbai-based real estate developer has acquired approximately 62 acres of land in Kurukshetra, Haryana. This project will offer about 1.4 million square feet of plotted residential development, offering attractive plot sizes and exceptional lifestyle amenities.

The site is strategically located with access to National Highway 44. Kurukshetra is a self-sufficient city with good infrastructure, including schools, colleges and hospitals and is of great historical and religious significance.

On December 24, 2022, the company entered into a joint venture with Neelkamal Realtors Tower (NRTPL) to develop a property situated at Cadastral Survey No. 1906 of Byculla Division, E-Ward, in Mumbai.

Godrej Residency (GRPL) will hold 50.01%, and NRTPL will maintain a balance of 49.99%. On December 28, the project is expected to complete the sale.

To engage in development, real estate construction and other related activities. In FY22, this company was the largest developer in India by the value and volume of residential sales achieved.

On a consolidated basis, the net profit hit a high of 53.8% to Rs 54.96 crore on a 27.7% jump in net sales to Rs 165.09 crore on September 22 over September 21.