+
Godrej Properties to develop 18.6-acre parcel in Kandivali
Real Estate

Godrej Properties to develop 18.6-acre parcel in Kandivali

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.

See also:
Elan to spend Rs 40 billion on lavish residential complex in Gurgaon
Mumbai property registrations up 15% to 8,756 units in November


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. See also: Elan to spend Rs 40 billion on lavish residential complex in GurgaonMumbai property registrations up 15% to 8,756 units in November

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Next Story
Infrastructure Energy

SC Allows State Tax on Mines, Minerals

Opposition leaders have welcomed the Supreme Court's recent decision permitting states to levy taxes on mines and mineral-bearing lands, as reported. The ruling is seen as a significant victory for state governments seeking greater control and revenue from natural resource extraction within their jurisdictions. The Supreme Court?s decision empowers states to impose taxes on mining operations and mineral-rich lands, which could enhance their revenue streams and enable better management of local resources. This move is particularly important for states with substantial mineral resources, as it a..

Talk to us?