The Real Estate market in India was affected by the COVID-19 pandemic with the ‘Residential’ sector witnessing the worst hit as strict lockdown measures across major cities in India impacted housing sales.
However, the sector recovered due to an increase in house sales, demand for new office and commercial spaces, new project launches, etc. In India, the Real Estate Industry has a market size is estimated at USD 0.33 trillion in 2024, and is expected to reach USD 1.04 trillion by 2029, growing at a CAGR of 25.60 percent.
Listed below are the stocks of two real estate companies that gained up to 2.50 percent on Monday after announcing the launch of a new project:
Godrej Properties Limited
With a market capitalization of Rs 69,285.15 crores, the stocks of Godrej Properties Limited closed at Rs 2,491.90 on Monday, gaining approximately 2.20 percent compared to the previous close of Rs 2,439.50 apiece.
Such bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about entering into definitive agreements for the development of a large township project under a profit-sharing model in North Bengaluru. The booking value from the project is expected to be approximately Rs 5,000 crores.
“We are excited with the opportunity to develop a large scale project in a strategic location in Bengaluru. We will aim to build an outstanding residential community that creates long-term value for its residents.”, commented Mr. Gaurav Pandey, MD & CEO, Godrej Properties.
Brigade Enterprises Limited
With a market capitalization of Rs 23,052.09 crores, the stocks of Brigade Enterprises Limited witnessed an intra-day high of Rs 1,027.05 on Monday, gaining approximately 2.30 percent compared to the previous close of Rs 1,003.95 apiece.
Such bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about launching a new residential project, viz, “Dioro@Brigade El Dorado” at Aerospace Park in North Bengaluru. Spread over half a million square feet, the project has a revenue potential of over ₹380 Crores.
Written by Amit Madnani
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