Godrej Properties Ltd. announced that it has acquired an ~18.6-acre land parcel in Kandivali, Mumbai. The project will have a developable potential of approximately 3.72 mn sq ft with an estimated revenue potential of approximately Rs 7,000 crores.
The development will comprise primarily premium residential apartments with supporting retail spaces. This will be one of GPL's largest residential developments and significantly strengthens its presence in the western suburbs of Mumbai.
This is the 8th project addition for GPL in FY 23 and takes the cumulative expected booking value from projects added in FY 23 to approximately Rs 16,500 crore as against its full-year guidance of adding projects with a booking value potential of Rs 15,000 crore.
Mohit Malhotra, MD & CEO, of Godrej Properties, said, “We are pleased to announce the addition of this large and strategically important project in Mumbai. This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets. We will aim to build an outstanding residential community that creates long-term value for its residents.”
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