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Godrej Properties buys 18.6 acre land in Mumbai for about Rs 750 cr to build luxury homes

has purchased an 18.6 acre land parcel at Kandivali, in Mumbai for round Rs 750 crore to develop a luxurious housing venture. On Friday, Godrej Properties knowledgeable concerning the land transaction however didn’t disclose the full deal worth.

Market sources and property consultants mentioned the land deal was struck at round Rs 750 crore.

Godrej Properties, which is a part of business conglomerate Godrej Group, is without doubt one of the main actual property corporations within the nation.

The corporate has been aggressively shopping for land outrightly and in addition coming into into joint growth agreements (JDAs) with landowners to create future growth pipelines.

As per the regulatory submitting, Godrej Properties expects gross sales revenue of about Rs 7,000 crore from this upcoming 18.6-acre venture, which might have a developable potential of about 3.72 million sq. ft.

The venture will comprise primarily premium residential flats with supporting retail areas.

Godrej Properties highlighted that that is the eighth venture addition to this point this monetary 12 months and “takes the cumulative anticipated reserving worth from tasks added in FY’23 to roughly Rs 16,500 crore.”

Godrej Properties had given a full-year steerage of including tasks with a reserving worth potential of Rs 15,000 crore.

Mohit Malhotra, MD & CEO, Godrej Properties, mentioned this venture will enable us to considerably improve our market share in Mumbai over the following a number of years.

The corporate focuses on 4 key markets — Mumbai Metropolitan Area (MMR), Delhi-NCR, Bengaluru and Pune, though it has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur as effectively.

Godrej Properties has set a goal of Rs 10,000 crore gross sales bookings for 2022-23, as towards Rs 7,861 crore registered over the past fiscal year.

It has already clocked a 60 per cent development in gross sales bookings throughout the first half of this fiscal 12 months at Rs 4,929 crore, as towards Rs 3,072 crore within the year-ago interval.

In an interview with PTI final month, Godrej Properties Govt Chairman Pirojsha Godrej had famous that the housing demand continued to be sturdy regardless of a hike in rates of interest on residence loans.

He anticipated sturdy gross sales bookings within the second half of this fiscal.

On the monetary entrance, Godrej Properties has reported a 54 per cent improve in consolidated web revenue at Rs 54.96 crore within the quarter ended September 2022 on greater earnings.

Its web revenue stood at Rs 35.73 crore within the year-ago interval.

Whole earnings additionally rose to Rs 369.20 crore within the second quarter, from Rs 334.22 crore a 12 months in the past.

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