Godrej Properties acquires 18 acres of land in Mumbai for potential revenue of Rs 7000 crore

Godrej Properties plans to develop a premium residential apartment on the land parcel.

A subsidiary of Godrej Group and India’s leading real estate developer acquired a land parcel of 18 acres in Kandivali, Mumbai. Godrej plans to develop a premium residential apartment with supporting retail spaces. According to the regulatory filing, the project is estimated to have approximately 3.72 million square feet of developable area with a revenue potential of approximately Rs 7000 crore.

The regulatory filing of Godrej Properties also stated that it is the largest residential development and this will significantly strengthen its presence in the western suburbs of Mumbai. This is the 8th project addition for Godrej Properties in FY23 and it takes the cumulative expected booking for FY23 to approx Rs 16,500 crore against the full-year guidance of Rs 15,000 crore.

The MD and CEO of Godrej property Mohit Malhotra said, “We are pleased to announce the addition of this large and strategically important project in Mumbai. 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.” 

On 15th November 2022, Godrej properties achieved the sales target of Rs 500 crore by selling over 675 homes in its launch of the new project, Godrej Woodsville in Hinjewadi, Pune. 

In the recent quarter, Q2FY23 the revenue of the company jumped 27.65% YoY, while on a QoQ basis it declined by 32.65% to Rs 165 crore. The net profit of the company went up by 55.81% to Rs 67 crore due to an increase in other incomes of the company.  

Today, the stock opened at Rs 1331.95 which is 0.42% higher than the previous closing of Rs 1326.35. The stock made a high of Rs 1342.80 as of 10:18 am.