Godrej Properties acquires 18-acre land parcel in Kandivali, Mumbai
The proposed development will have an estimated revenue potential of approximately INR 7,000 Cr.*
Mumbai, December 2, 2022: Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has, on an outright basis, acquired an ~18.6-acre land parcel in Kandivali, Mumbai.The project will have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of approximately INR 7,000 crores *.
The development will comprise primarily of 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 INR 16,500 crore as against its full year guidance of adding projects with a booking value potential of INR 15,000 crore.
Mohit Malhotra, MD & CEO, 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.”
The land is strategically placed in a prime locality with excellent access to the Western Express Highway, Metro & Suburban Railway Stations. It offers access to well-developed social and civic infrastructure with multiple schools, health facilities, retail malls, and entertainment outlets.
About Godrej Properties Limited:
Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 125-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all of its developments would be third party certified green buildings. In 2020,2021 and again in 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and ESG practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread sustainable development practices across the Indian real estate sector. In recent years, Godrej Properties has received over 300 awards and recognitions, including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019 Brand Trust
Report, Builder of the Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.
