Godrej Properties Sells 5% Stake in Godrej Green Homes for ₹46.70 Crore

On June 5, 2024, Godrej Properties informed in a stock exchange filing that pursuant to the Share Purchase Agreement dated June 5 between Godrej Properties Limited (GPL), Godrej Fund Management And Investment Advisors Private Limited (GFMIAPL), and Godrej Green Homes Private Limited (GGHPL), GPL sold a 5% stake in the equity share capital of GGHPL to GFMIAPL at a consideration of ₹46.70 crore.

Godrej Fund Management and Investment Advisors belongs to the promoter group of the company and is engaged in providing business advisory services, managing, developing, and leasing real estate projects.

In FY 2024, Godrej Green Homes Private Limited reported a Profit after Tax (PAT) of ~₹56.60 crore and a net worth of ~₹75.75 crore.

The company stated it as a related party transaction, and the deal was conducted at arm’s length, with the sale price determined through fair valuation. It is a transaction with a non-related party.

Earlier this year, in May 2024, Godrej Properties achieved remarkable success with its project, Godrej Jardinia, selling around 650 homes valued at over ₹2,000 crore. Launched in May 2024, it’s their most successful launch in Noida in terms of sales value. Following the triumph of Godrej Tropical Isle in the same sector last year, Godrej Jardinia represents another over ₹2,000 crore milestone for Godrej Properties in Noida, marking their fourth such launch in NCR in the last four quarters.

About Godrej Properties Limited

Godrej Properties Limited (GPL) is the real estate development wing of the esteemed Godrej Group. In the financial year 2021, Godrej Properties was stated as the largest developer in the country based on the value and volume of residential sales achieved. As of March 31, 2023, the company had 92 active and upcoming projects with a combined saleable area of approximately 200 million square feet.

On June 6, 2024, the share price of Godrej Properties Ltd opened at ₹2,690.00, touching the day’s high at ₹2,804.35, as of 10:17 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.