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.
Shares of Godrej Properties Limited was last trading in BSE at Rs. 1326.35 as compared to the previous close of Rs. 1305.15. The total number of shares traded during the day was 44105 in over 3725 trades.
The stock hit an intraday high of Rs. 1332.00 and intraday low of 1301.00. The net turnover during the day was Rs. 58164221.00.