Share Market Live

NSE

Godrej Properties on Friday said that it has acquired an 18-acre land parcel in Kandivali, Mumbai, for developing a premium residential project.

The project will have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of about Rs 7,000 crore, the company said in a filing to the stock exchanges.

This will primarily include premium residential apartments with supporting retail spaces.

Godrej Properties believes that the Kandivali project will rank among the company's largest residential developments and significantly strengthen its presence in the Western suburbs of Mumbai.

Also Read: Godrej Properties sold 675 homes worth Rs 500 crore in Pune project

For the current financial year, this is Godrej Properties' eighth project addition, taking the cumulative expected booking value from new projects added to Rs 16,500 crore. This is higher than their full-year guidance of adding new projects with a booking value potential of Rs 15,000 crore.

The land is strategically placed in a prime locality with access to the Western Express Highway, Metro and Suburban Railway stations.

Shares of Godrej Properties are trading 0.6 percent higher at Rs 1,335.

Also Read: Here are the recent changes to Chris Wood's model India and Asia ex-Japan portfolios