Godrej Properties, a real estate developer, on Friday, announced the acquisition of an 18.6 acre land parcel in Kandivali, Mumbai.
The project is expected to have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of approximately ₹7,000 crore, said the company.
The project will comprise premium residential apartments and retail spaces. According to the company, this will be one of GPL’s largest residential developments and significantly strengthens its presence in the western suburbs of Mumbai.
“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,” said Mohit Malhotra, MD and CEO, Godrej Properties.
It is the eighth-project addition for GPL in FY23 and brings the expected booking value from projects added in FY23 to around ₹16,500 crore as compared to its full-year guidance of adding projects with a booking value potential of ₹15,000 crore.
The site is located with access to the Western Express Highway, the Metro, and Suburban Railway Stations.