Godrej Properties (GPL) today announced that it has, on an outright basis, acquired an ~18.6-acre land parcel in Kandivali, Mumbai. The project will have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of approximately Rs 7,000 crore.
The development will comprise primarily of premium residential apartments with supporting retail spaces. This will be one of GPL's largest residential developments and significantly strengthens its presence in the western suburbs of Mumbai. This is the 8th project addition for GPL in FY 23 and takes the cumulative expected booking value from projects added in FY 23 to approximately Rs 16,500 crore as against its full year guidance of adding projects with a booking value potential of Rs 15,000 crore.