Godrej Properties Limited, plans a residential housing group in Sector 146, Noida, on over 12.4 acres of land, which is offering around 3.2 million sq.ft of development potential.
Godrej Properties said in BSE filling that it acquired about 18.6 acres of land in Kandivali Mumbai, on an outright basis.
Withzan anticipated revenue potential of over Rs 7,000 crore, the project has the capacity to improve about 3.72 million sq.ft.
“This project will assist in expanding our share in the market of Mumbai in upcoming years and suits within the plan of retaining our occupancy across real estate micro markets,” said Mohit Malhotra, MD, and CEO of the company.
Primarily premium residential apartments with supporting retail spaces will be the part of development.
This is GPL’s eighth project addition for the financial year 2023. Compared to its full-year guidance of adding projects with a booking value potential of Rs 15,000 crore, the estimated booking value from projects added in FY 23 is likely to increase progressively to around Rs 16,500 crore.
It is said in the media release that according to the e-tendering portal of SBI, it was recently declared the highest bidder for two adjoining land parcels in Noida for a total bid value of Rs 377 crore, which assisted an e-auction on behalf of the New Okhla Industrial Development Authority.
These two land parcels are located in Sector 146, Noida, spread over 12.4 acres offering approximately 2.2 million sq.ft. ability to develop. GPL plans to develop residential group housing on these land parcels.
Previously the company also acquired a land parcel with an area of 12 acres in Mundhewa east, Pune. with an estimated revenue potential the project will have a developable potential of around 2.2 million sq.ft.
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