The Mumbai-based real estate developer said that it has acquired around 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, it added.

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, the company stated.

This is the 8th project addition for the real estate developer in FY23 and takes the cumulative expected booking value from projects added in FY23 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.

The land is strategically placed in a prime locality with excellent access to the western express highway, metro & suburban railway stations. It offers access to well-developed social and civic infrastructure with multiple schools, health facilities, retail malls, and entertainment outlets.

Mohit Malhotra, MD & CEO, 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.”

Godrej Properties is engaged primarily in the business of real estate construction, development and other related activities. Its consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22.

Shares of Godrej Properties declined 0.18% to Rs 1,324 on the BSE.