Buoyed by reports that property developer Godrej Properties Ltd had sold the entire first phase of its Godrej Summit project of over one million sq. ft in Gurgaon, shares of GPL spurted by about Rs 15 in the stock exchanges in the morning today.

GPL said the project coming up in Sector 104 of Gurgaon has 695 apartments spread over 1 million sq. ft.

The total project on over 21 acres would have 11 high rise towers and would offer nearly 1,200 homes in 2 million sq. ft. area.

GPL said that it would use eco-friendly material and will “integrate environment-sensitive passive architectural solutions” to minimise the carbon emission.

The major advantage of the project was its location as it was closer to the 150 metre-wide Dwarka Expressway, which is under construction and is well connected to the airport, railway station etc. It is a joint development project being executed in partnership with Zara Sanya.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties, said that NCR was the country’s largest real estate market and “is a key part of Godrej Properties” growth strategy.

The stock gained Rs 14.45 or 2.67 per cent on the BSE today to trade at Rs 555.15 with a trading volume of about 13,500 shares. In the last one month, the stock had covered significant ground after falling to a low of Rs 482.30 to move up to its current level.

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