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Godrej Properties purchases 18.6-acre land parcel in Kandivali, Mumbai

2 Dec 2022 , 11:47 AM

Godrej Properties announced today that it has acquired an 18.6-acre land parcel in Kandivali, Mumbai, on an outright basis. The project will have a developable area of approximately 3.72 million square feet and an estimated revenue potential of Rs7,000 crore.

The project will primarily consist of premium residential apartments with supporting retail spaces. This will be one of GPL’s largest residential developments, significantly increasing its presence in Mumbai’s western suburbs.

This is GPL’s 8th project addition in FY23, bringing the total expected booking value from projects added in FY23 to around Rs16,500 crore, compared to the company’s full-year guidance of adding projects with a booking value potential of Rs15,000 crore.

The property is strategically located in a prime suburb with easy access to the Western Express Highway, Metro, and Suburban Railway Stations. It provides access to a well-developed social and civic infrastructure, including numerous schools, health facilities, shopping malls, and entertainment venues.

Godrej Properties was trading at Rs1,327.80 apiece, up by 0.11% from its previous closing of Rs1,326.35 on the BSE. The scrip opened at Rs1,329.95 and touched intraday high and low of Rs1,342.80 and Rs1,319.55 respectively.

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