Godrej Properties shares rise on new housing project; Morgan Stanley 'equalweight'

NEW DELHI: Godrej Properties Ltd surged over 3 per cent in early morning trade on Thursday after the company said it has sold the first phase of its housing project comprising 695 flats in Gurgaon in one day.

At 10:05 a.m., Godrej Properties was trading 2.6 per cent higher at Rs 555. It has hit a low of Rs 544.80 and a high of Rs 558.95 today.

"The Mumbai-based real estate developer had yesterday launched the 21-acre housing project in Gurgaon comprising 1,200 flats with an investment of up to Rs 600 crore," PTI reported.

"Godrej Properties said it sold over over one million sq. ft. of space in its residential project in Gurgaon in a single day," added the report.

Morgan Stanley is equalweight on Godrej Properties with a target of Rs 576. The company has priced its new project at Rs 5,500 per square feet which appears to be in line with other recent launches in the area.