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New Delhi: Godrej Properties (GPL) has acquired about 18.6 acres of land on outright basis Kandivali, Mumbaithe company said in a BSE filing.
The project will have a developable capacity of around 3.72 million sq ft with an estimated revenue potential of around Rs 7,000 crore.
Mohit MalhotraThe company’s MD & CEO said, “This project will allow us to significantly increase our market share in Mumbai over the next several years and is in line with our strategy to strengthen our presence in key real estate micro-markets.”
The development will primarily consist of premium residential apartments with ancillary retail spaces.
This is the eighth project for GPL in FY23 and takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore against the full year guidance of adding projects with a booking value potential of Rs 15,000 crore Is.
The company was recently declared the highest bidder for two adjacent land parcels Noida As per the e-tendering portal of SBI, which facilitated the e-auction on behalf of the New Okhla Industrial Development Authority (Noida), the total bid value amounts to Rs 377 crore, it said in a media release.
GPL plans to develop residential group housing on these plots located in Sector 146, Noida. Spread across 12.4 acres, the two adjacent land parcels will provide a development potential of approximately 3.2 million sq ft.
The company had also earlier acquired 12 acres of land in Mundhwa-East, Pune. The project will have a developable capacity of around 2.2 million sq ft with an estimated revenue potential of around Rs 2,000 crore.
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