Godrej Properties is a big star on the bourses today. Currently the top gainer on the BSE, the stock hit a new high at Rs.585.05, up from yesterday’s close of Rs.505.10. Volumes are huge at around 14 times.
The reason for this euphoria on the counter of Godrej is the company’s announcement that it has sold over 1000 apartments across its three new project launches over the past two months. The three projects are - Godrej Origins at The Trees in Mumbai, The Suites at Godrej Golf Links in Greater Noida and Godrej 24 at Hinjewadi, Pune.
Giving details in the Press Release, the company said that Godrej Origins at The Trees in Mumbai witnessed sales of 130 apartments within the first week of launch. The Suites at Godrej Golf Links in Greater Noida sold 500 apartments within the first month of its launch. Godrej 24 in Pune saw sales of over 450 apartments within the launch weekend.
As such, currently, realty stocks seem to have bounced back and the BSE Realty Index is up 2.4%, with 9 out of 10 stocks in the index in the green.