Godrej Properties Wins Bids for Rs 3,500 Cr Housing Project in Mumbai

New Delhi, Oct 16 (PTI) Realty firm Godrej Properties Ltd has won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of Rs 3,500 crore.

In a regulatory filing on Wednesday, the company informed that it has "emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar according to the e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO)."

The plots, measuring 6.54 acres, will offer a development potential of around 2 million square feet, with an estimated combined revenue potential of around Rs 3,500 crore, it added.

The company did not disclose the deal value of these 3 adjoining land parcels.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "Our entry into the Kharghar micro-market aligns well with our strategy of strengthening our portfolio across the key real estate markets in India."

Godrej Properties continues to acquire land to expand its business amid strong housing demand.

The company acquired six new land parcels during the July-September quarter to develop housing projects worth Rs 9,650 crore.

To expand the housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.

In its latest operational updates for the July-September quarter, Godrej Properties said it has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around Rs 12,650 crore.

This included the addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of Rs 9,650 crore.

Godrej Properties said it has already achieved 63 per cent of its annual guidance for new business development (land acquisition).

Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Godrej Properties' sales bookings rose 3 per cent to nearly Rs 5,200 crore in the second quarter of this fiscal on better housing demand.

This is the highest ever Q2 (July-September) booking value achieved by Godrej Properties.

During April-September period of this fiscal year, Godrej Properties sales booking value grew 89 per cent annually to over Rs 13,800 crore.

This is the highest ever booking value achieved by Godrej Properties during the first half of a fiscal year.

Godrej Properties became the largest listed real estate firm last fiscal in terms of sales bookings.

During the last fiscal, Godrej Properties sales bookings jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year.

The company has given a target of achieving Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year.