Godrej Properties to build on stake sale

Godrej Properties stock will see positive momentum this week, after a 49 per cent stake sale in Godrej Landmark Redevelopers. Private equity firm ASK Property Investment Advisors bought the stake for a premium of Rs 20 crore. Godrej Properties' subsidiary, Godrej Project Development, had recently signed up a residential redevelopment project in Mumbai. ASK Group along with Godrej Landmark Redevelopers will invest in the redevelopment project. Godrej Project Development is a subsidiary of Godrej Properties and has been formed to do redevelopment projects. Godrej Landmark Redevelopers is subsidiary of Godrej Project Development.