Realty firm Godrej Properties announced that it had acquired 18.6 acres of land parcel in Kandivali, Mumbai. According to the company, “The project will have a developable potential of 3.72 million sq feet (approx) with an estimated revenue potential of around ₹7,000 crores”.
According to the company’s plans, the development will primarily consist of premium apartments with supporting retail spaces.
Godrej Properties, a part of the business conglomerate Godrej group, is one of the leading real estate developers in the country.
According to a regulatory filing, the company claimed it is the 8th project addition for Godrej Properties in FY23 and “take the cumulative expected booking value from projects to ₹16,500 crores in FY23.”
“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,” Mohit Malhotra, MD & CEO of Godrej Properties, said in a statement.
The Western Express Highway, Metro, and Suburban Railway Stations are all easily accessible from the land due to its strategic layout in a prestigious locality. It provides access to a highly advanced social and civic infrastructure that includes several educational institutions, medical centres, shopping centres, and entertainment venues.
Godrej Properties acquired 12 acres of land in Pune last month to build a housing project with a projected sales revenue of approximately ₹2,000 crores.