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Godrej Properties, the real estate development business of the Godrej Group, has acquired additional stake in its arm Godrej Home Constructions, making it a wholly owned subsidiary of the company. This is the second such acquisition made by the company in the past 10 days to get complete control of two of its subsidiaries.
The realty developer has bought 26% stake in Godrej Home Constructions, engaged in the business of development of residential projects, for around Rs15 crore from other existing shareholders.
Similarly, the company recently increased its stake in subsidiary Wonder City Buildcon from 74% to 100%, making it a wholly-owned subsidiary of the company with effect from May 26. Incorporated in August 2013, Wonder City Buildcon has reported turnover of over Rs 26 crore during the last financial year 2022-23 and ?131.92 crore in 2021-22.
Godrej Home Constructions, which was incorporated in April 2015, has reported turnover of Rs 282.26 crore and ?5.06 crore in 2021-22 and 2022-23, respectively. Godrej Properties recorded bookings worth Rs 4,051 crore for the quarter ended March, taking its FY23 performance to Rs 12,232 crore, up 56% and more than fifth ahead of the annual guidance.
