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.
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.
