Godrej Properties acquires 18.6-acre land parcel in Kandivali, Mumbai
Indian real estate developer Godrej Properties said that it has acquired a land parcel of nearly 18.6 acres in Kandivali, Mumbai to mainly build premium residential apartments.
According to Godrej Properties, the developable potential of the real estate project is around 3.72 million square feet. The project’s estimated revenue potential is nearly INR 7,000 crores, said the Godrej Group company.
Godrej Properties also plans to add retail spaces in the development, which is said to be in a prime locality with access to the Western Express Highway, metro, and suburban railway stations.
The land parcel will pave the way for the company’s 8th project in FY23, taking its expected booking value from projects to around INR 16,500 crores in the financial year.
Mohit Malhotra — Godrej Properties MD and CEO 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.”