Real estate developer Godrej Properties has acquired a land parcel of around 18.6 acres in Kandivali in Mumbai. The project will have a developable potential of nearly 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore. It will primarily include premium residential apartments with retail spaces. This will be the eighth project addition for the developer in FY 23, taking the cumulative expected booking value from projects added in FY 23 to around Rs 16,500 crore as against its full-year guidance of adding projects with a booking value potential of Rs 15,000 crore.
Mohit Malhotra, MD and CEO, Godrej Properties, 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. We will aim to build an outstanding residential community that creates long term value for its residents.”
See also: Godrej Properties buys Rs 2,000-cr land parcel in Pune’s Mundhwa
The project will have connectivity to the Western Express Highway, Metro and Suburban Railway Stations, with access to social and civic infrastructure, including schools, health facilities, retail malls, and entertainment outlets.
See also: Godrej Properties to launch project in Delhi by March 2023
