Mumbai: Godrej Properties Ltd. (GPL), one of the listed real estate developers, on Friday announced that it has purchased an outright basis an 18.6 acre land parcel in Kandivali in the western suburbs. This will be used to construct one of its largest premium residential projects.
The project will have a development potential of approximately 3.72 million square feet with an estimated revenue potential of approximately ₹7,000 crore, the company said. The project will feature premium apartments and supporting retail spaces.
This is the eighth project addition by the company in the financial year 2022-23. Mohit Malhotra, MD & CEO, of Godrej Properties, 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.”
Though the company refused to reveal the location of the land parcel, it said that the land is strategically placed in a prime locality with access to the Western Express Highway, Metro & Suburban Railway Stations and offers access to well-developed social and civic infrastructure with multiple schools, health facilities, retail malls, and entertainment outlets. Market sources said the land has been acquired from a gau rakshak public trust and is located near ESIS hospital off Akurli Road in Kandivali.
Godrej Properties, which is also developing the iconic RK Studios in Chembur, has been aggressively purchasing land parcels to develop new projects across cities. In November 2022, it acquired three different land parcels in Noida, Pune, and Palghar, consolidating a land bank of 74 acres. It acquired 12.4-acre land in Noida for ₹377 crore in an e-auction. It also acquired a 12-acre land parcel in Mundhwa East in Pune to develop a premium group housing project with a revenue potential of ₹2,000 crore. It also added 50 acres in Manor-Palghar belt for residential plotted development close to the Mumbai-Ahmedabad Highway.
In September 2022, it acquired another 7-acre land parcel in Indiranagar extension in Bengaluru close to the old airport road for developing a premium residential project. It also claimed revenue of over ₹1,200 crore from the sale of 700 homes in two projects it launched in Thane, and Wadala.
The Wadala land is a 8.5 acre plot which is part of Azad Nagar Chawls redevelopment project originally being executed by RNA Developers. When RNA failed to construct the prime plot after launching the project in 2002, the residents staged strong protests forcing the Brihanmumbai Municipal Corporation to terminate the tripartite agreement and seek a new developer.