Godrej Properties (GPL) has, on an outright basis, acquired about 18.6-acre land parcel in Kandivali, Mumbai, the company said in a BSE filing.
The project will have a developable potential of approximately 3.72 million sq ft with an estimated revenue potential of approximately Rs 7,000 crore.
Mohit Malhotra, MD & CEO of the company said, “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.”
The development will comprise primarily of premium residential apartments with supporting retail spaces.
This is the eight project addition for GPL in FY 23 and takes the cumulative expected booking value from projects added in FY 23 to approximately Rs 16,500 crore as against its full year guidance of adding projects with a booking value potential of Rs 15,000 crore.
The company was recently declared the highest bidder for two adjacent land parcels in Noida for a total bid value of Rs 377 crore, according to the e-tendering portal of SBI, which facilitated an e-auction on behalf of New Okhla Industrial Development Authority (NOIDA), it had said in the media release.
GPL plans to develop residential group housing on these land parcels located in Sector 146, Noida. Spread over 12.4 acres, the two adjacent land parcels will offer approximately 3.2 million sq ft of development potential.
The company previously has also acquired a 12-acre land parcel in Mundhwa-East, Pune. This project will have a developable potential of approximately 2.2 million sq ft with an estimated revenue potential of approximately Rs 2,000 crore.