Godrej Properties to develop 18.6-acre parcel in Kandivali

01 Dec 2022 CW Team

Godrej Properties, the real estate development arm of the Godrej Group, has acquired an 18.6-acre land parcel in Mumbai’s Kandivali suburb. This is the 8th project being added by the company to its development portfolio in the current financial year.

The new project will have a developable potential of around 3.72 million sq ft with an estimated revenue potential of nearly Rs 70 billion based on the current business assumptions.

This takes the company’s cumulative expected booking value from projects added in 2022-23 to around Rs 165 billion as against its full year guidance of adding projects with a booking value potential of Rs 150 billion.

In November, Godrej Properties executive chairman Pirojsha Godrej had said the company would soon surpass its own guidance of adding projects.

“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,” said Mohit Malhotra, managing director and chief executive officer, Godrej Properties.

The company is planning to develop a project consisting primarily of premium residential apartments with supporting retail spaces.