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In a recent development, Godrej Properties (GPL) has successfully acquired a 49% equity stake in Godrei Skyline Developers (GSDPL) for a sum of Rs 37.64 crore. This strategic move has strengthened GPL's position in the real estate sector, making it the majority stakeholder alongside its wholly owned subsidiary, Godrej Projects Development (GPDL), which now collectively holds an impressive 93% of the equity share capital of GSDPL.
To facilitate this increased stake, GPL purchased 6,47,500 equity shares of GSDPL, each valued at Rs 10, representing 49% of the paid-up equity share capital, from an existing shareholder. Furthermore, GPL secured 3,70,00,000 preference shares, also valued at Rs 10 each, constituting 74% of the paid-up preference share capital of GSDPL, from the same shareholder. This strategic acquisition signifies a pivotal moment for GPL, bolstering its presence in the real estate market.
In the fiscal year 2023, GSDPL boasted an impressive turnover of Rs 230.72 crore, further underscoring its robust performance and potential for growth in the sector. Simultaneously, GPL disclosed a separate regulatory filing, announcing its acquisition of approximately 109 acres of land in close proximity to Samrudhhi Mahamarg, Nagpur. This acquisition underscores GPL's commitment to expanding its real estate portfolio. The planned development on this expansive land parcel primarily comprises plotted residential units, promising an estimated saleable area of 2.2 million square feet.
These strategic manoeuvres position Godrej Properties as a formidable player in the Indian real estate landscape, poised to take on new ventures and capitalize on opportunities for growth and success. With a strengthened stake in GSDPL and the acquisition of prime land near Nagpur, GPL is well-positioned to continue its upward trajectory in the real estate industry, delivering innovative and high-quality projects to meet the evolving demands of the market.
In summary, Godrej Properties' recent acquisitions and strategic investments not only reflect its confidence in the real estate sector but also its commitment to providing exceptional value to stakeholders and customers alike. These developments set the stage for a promising future, as GPL continues to shape the landscape of Indian real estate.
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