Shares of Godrej Properties Ltd rallied 2% on 29 September after the company announced that it had acquired a land parcel of around 109 acres in Nagpur.

The land parcel is located near the expressway connecting Mumbai and Nagpur (Samruddhi Mahamarg) and MIHAN SEZ and offers good connectivity to the Dr. Babasaheb Ambedkar International Airport, Nagpur and Mumbai – Kolkata highway.

The location offers a well-developed social and municipal infrastructure with access to hospitals, retail, schools, and entertainment venues.

The development of the said land parcel will consist of residential units and offer an estimated saleable area of 2.2 million square feet.

Gaurav Pandey, MD & CEO of Godrej Properties, said, “We are happy to add this new project in Nagpur to our portfolio. This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding plotted development project in Nagpur that creates long-term value for its residents.”

At 11:51 pm, the shares of Godrej Properties were trading at Rs 1,557.15 or 1.30% above its previous close on NSE.