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Godrej Properties (GPL) has purchased an 18-acres land parcel in Kandivali, Mumbai for about 750 crores. According to the company, the project has a developable potential of approximately 3.72 million square feet and an estimated revenue potential of approximately 7,000 crores.
The project will include premium residential apartments as well as retail space. This, according to the company, will be one of GPL’s largest residential developments, significantly strengthening its presence in Mumbai’s western suburbs.
“We are delighted to announce the addition of this significant and strategically important project in Mumbai.” This project will enable us to significantly increase our market share in Mumbai over the next several years, and it is consistent with our strategy of expanding our presence in key real estate micro markets. “We will strive to build an exceptional residential community that provides long-term value to its residents,” said Mohit Malhotra, MD and CEO of Godrej Properties.
It is GPL’s eighth project addition in Financial Year 2023, bringing the expected booking value from projects added in Financial Year 2023 to around 16,500 crores, compared to the company’s full-year guidance of adding projects with a booking value potential of 15,000 crores. The site is near the Western Express Highway, the Metro, and the Suburban Railway Stations.
According to SBI’s e-tendering portal, which facilitated an e-auction on behalf of New Okhla Industrial Development Authority (NOIDA), the company was recently declared the highest bidder for two adjacent land parcels in Noida for a total bid value of Rs 377 crores.
Godrej Properties Limited intends to build residential group housing on these land parcels in Noida’s Sector 146. The two adjacent land parcels, totaling 12.4 acres, will offer approximately 3.2 million square feet of development potential.
Previously, the company purchased a 12-acre land parcel in Mundhwa-East, Pune. This project has a developable potential of approximately 2.2 million square feet and a revenue potential of approximately Rs. 2000 crore.